This chapter reviews the recent advances in the area of severe plastic deformation (SPD)-processed nanostructured (NS) light metals and alloys, and highlights the modern trends in research. The SPD techniques developed for grain refinement in metals have attracted great attention due to their ability to produce significant grain refinement in bulk metallic samples, which can be used for various engineering applications. The chapter outlines five main strategies to increase the strength of light metals: solid solution strengthening, precipitation strengthening, dislocation strengthening, grain size hardening, and crystallographic texture strengthening. It provides a brief overview of the fatigue properties observed in the NS light metals. The chapter discusses the current industrial applications of the NS light metals and their innovation potential. Commercialization of NS light metals is associated with three potential advantages: the superior properties of NS light metals, their efficient fabrication, and the possibility to produce cutting-edge products from these materials.