High-pressure torsion of Cu-4.9 wt% Co alloy has been studied, with Co fully dissolved in the Cu matrix and fully precipitated from the matrix. A steady-state was reached in both samples after 1-2 anvil rotations. The solid solution in the first sample partly decomposed. The Co precipitates in the second sample partly dissolved in the matrix. In both cases the Co precipitates surrounded by the Cu-based solid solution with about 2.5 wt% Co were formed.