This paper presents a study on the perspectives of structure refinement of aluminum and its alloys by reciprocating extrusion (cyclic extrusion compression—CEC). The study included Al99.5 and Al99.992 aluminum and AlMg5 and AlCu4Zr alloy. Aluminum and alloys were deformed by reciprocating extrusion (CEC) in the strain range ϕ = 0.42 (1 CEC cycle) to ϕ = 59.8 (67 CEC cycles). After deformation, the structure of the specimens was investigated by optical microscopy (OM) and transmission electron microscopy (TEM), which revealed that the primary mechanism of hardening, over the range of applied strains, was the result of the propagation of shear bands throughout the specimens. The intersection of shear bands was found to divide the volume of the specimens into nano and microvolumes with dimensions limited by the width of the microbands. Due to structure renewal processes such as polygonization and dynamic geometric recrystallization, the formed micro and nano volumes were transformed into nano and micrograins with large misorientation angles. In terms of the occurrence of grain microstructure, a sustained uniform level of hardening was found, which was defined as steady-state flow. The research has shown that the steady state of flow is a result of the competitive interaction between the processes of hardening and structure renewal. The higher the metal purity, the higher the intensity of the structure renewal processes was. The formation of new grains and their growth under dynamic and post-dynamic recrystallization was observed in Al99.992 aluminum, in which high purity of the metal and high strain accumulation caused the growth of new grains at room temperature.