In this paper, the processes of grain refinement and phase transformations in the Ti-15Mo b-alloy during high-pressure torsion (HPT) at room temperature are investigated. The non-monotonic character of the variation of the v-phase volume fraction has been demonstrated for an increasing number of turns; in particular, the HPT processing of 1 turn leads to the precipitation of 10% v-phase from the b-matrix, but at 10 turns of HPT a reverse phase transformation is observed. It is shown that nanostructure formation with a minimum content of the v-phase allows for achievement of significant strengthening in the alloy while preserving a relatively low elastic modulus.