ABSTRACT The influence of high-pressure torsion (HPT) and annealing on microstructure, texture and thermal stability of an immiscible composite Cu43%Cr alloy was studied using electron backscatter diffraction, X-ray diffraction and microhardness measurements. As-received alloy samples were subjected to HPT and subsequent annealing treatment in the range of 210–850°C for 1 h in order to develop ultrafine-grained (UFG) microstructures and highlight their thermal stability. The Cu and Cr grains were refined to ∼0.45 and ∼0.39 µm, respectively and exhibited equiaxed morphology. The crystallographic texture was of shear type in both Cu and Cr with the domination of C and F orientations, respectively. The UFG microstructure and texture were retained in the Cu43%Cr alloy up to 850°C. The global results show that the immiscible composite Cu43%Cr alloy exhibits a high thermal stability up to 850°C. The evolution of the microstructure, texture and thermal stability of the UFG Cu43%Cr alloy was compared to published data and available models.