High pressure torsion was applied to produce a disk-shaped specimen of Cu60Zr30Ti10 composition. The dependence of the morphology, microstructure, and thermal behavior on the applied shear strain was monitored by scanning and transmission electron microscopies, synchrotron x-ray diffraction, and calorimetry. The disk consists of a gradient microstructure ranging from large homogeneous blocks (about 20 μm) to finely dispersed nanocrystals (about 20 nm) of two stable hexagonal phases and continuously decreasing amorphous content with increasing strain. The evolution of such microstructure was interpreted by using a model based on heat conduction generated by the extensive shear deformation.