  The decomposition process mechanisms have been investigated in a Fe50Au25Pd25
(at.%) alloy processed by severe plastic deformation. Phases were characterized
by X-ray diffraction and microstructures were observed using transmission
electron microscopy. In the coarse grain alloy homogenized and aged at $450
^{circ}\mathrm{C}$, the bcc \alpha-Fe and fcc AuPd phases nucleate in the fcc
supersaturated solid solution and grow by a discontinuous precipitation process
resulting in a typical lamellar structure. The grain size of the homogenized
FeAuPd alloy was reduced in a range of 50 to 100nm by high pressure torsion.
Aging at $450 ^{circ}\mathrm{C}$ this nanostructure leads to the decomposition
of the solid solution into an equi-axed microstructure. The grain growth is
very limited during aging and the grain size remains under 100nm. The
combination of two phases with different crystallographic structures (bcc
\alpha-Fe and fcc AuPd) and of the nanoscaled grain size gives rise to a
significant hardening of the alloy
