Preferred embodiments of the invention provide new nanostructured materials and methods for preparing nanostructured materials having increased tensile strength and ductility, increased hardness, and very fine grain sizes making such materials useful for a variety of applications such as rotors, electric generators, magnetic bearings, aerospace and many other structural and nonstructural applications. The preferred nanostructured materials have a tensile yield strength from at least about 1.9 to about 2.3 GPa and a tensile ductility from at least 1 %. Preferred embodiments of the invention also provide a method of making a nanostructured material comprising melting a metallic material, solidifying the material, deforming the material, forming a plurality of dislocation cell structures, annealing the deformed material at a temperaure from about 0.30 to about 0.70 of its absolute melting temperature, and cooling the material.