Fe-Ni-Mn maraging alloys show discontinuous coarsening of fct θ-NiMn precipitates along prior austenite grain boundaries (PAGBs) during isothermal aging. Heavy cold rolling of a solution annealed Fe-10Ni-7Mn (wt. %) maraging alloy and subsequent aging treatment at 773 K led to the formation of a nanostructured material. Hardness measurement and transmission electron microscopy were used to study the aging behaviour and microstructural evolution of the nanostructured alloy. At the early stage of aging, an ultrafine grained structure was observed with fine matrix precipitates. However, at later stages of aging, severe coarsening of precipitates was found. At that stage, a lamellar microstructure composed of finely precipitated ferrite laths and ultrafine ferrite grains were identified. Coarse fct θ-NiMn precipitates were identified at the ultrafine ferritic grain boundaries. Development of the coarsening reaction was found to increase the ultrafine grained ferritic regions with prolonged aging.