An austenitic Ni-30%Fe model alloy was employed to investigate the texture and substructure development within the deformed matrix and dynamically recrystallized (DRX) grains during hot torsion deformation. Both the deformed matrix and DRX grains predominantly displayed the crystallographic texture components expected for simple shear deformation. The characteristics of the deformed matrix texture evolution during deformation largely resulted from the preferred consumption of high Taylor factor components by new recrystallized grains. Likewise, the comparatively weaker crystallographic texture of DRX grains became increasingly dominated by low Taylor factor components as a result of their easier nucleation and lower consumption rate during DRX. There was a significant difference in the substructure formation mechanism between the deformed matrix and DRX grains for a given texture component. The deformed matrix substructure was largely characterized by “organized”, banded subgrain arrangements with alternating misorientations, while the substructure of DRX grains was more “random” in character and displayed complex, more equiaxed subgrain/cell arrangements characterized by a local accumulation of misorientations. Substructure characteristics of individual orientation components were principally consistent with the corresponding Taylor factor values.