The substructure and crystallographic texture characteristics of both the deformed matrix and dynamically recrystallized (DRX) grains were investigated in a Ni-30%Fe austenitic model alloy subjected to hot torsion. Deformation was performed at a temperature of 1000°C using strain rates of 1, 0.1 and 0.01 s-1, which produced a range of DRX grain sizes. Electron back-scattered diffraction and transmission electron microscopy were employed in the investigation. Both the deformed matrix and DRX grains revealed the texture components expected for simple shear deformation by crystallographic slip. The texture of DRX grains was dominated by low Taylor factor components as a result of their lower consumption rate during growth of these grains. There was a marked difference in the substructure characteristics between the deformed matrix and DRX grains regardless of the grain size and orientation. The deformed matrix substructure was largely characterized by organized, banded subgrain arrangements with alternating misorientations. By contrast, the substructure of DRX grains was generally more random in character and displayed complex, more equiaxed subgrain/cell arrangements characterized by local accumulation of misorientations. Based on the experimental observations, a mechanism of the distinct substructure development within DRX grains has been proposed.