The structure, mechanical and functional properties of ultrafine-grained low-carbon steels have been studied after severe plastic deformation (SPD) by high pressure torsion (HPT) and equalchannel angular pressing (ECAP). It is revealed that HPT of low carbon steels at a temperature below 0.3 Tm leads to the formation of nanocrystalline structure with a grain size of <100 nm or a mixture of oriented substructure and nanograins. ECAP under similar conditions leads to the formation of submicrocrystalline structure with a grain size of 200-300 nm. The initial martensitic state compared with the initial ferritic-pearlitic state of the low-carbon steels results in formation of finer structure after SPD and less intense grain growth upon heating, i.e., results in a higher thermal stability. Low-carbon low-alloy steels after ECAP are characterized by high strength (UTS > 1000 MPa) and plasticity (EL = 10-15%). The high-strength state after ECAP is retained upon tensile test testing up to a temperature of 500°C. The submicrocrystalline low-carbon steels after ECAP processing and subsequent heating is characterized by an increased impact toughness at test temperatures down to -40°C.