The combined strengthening effects of grain refinement and high precipitated volume fraction (similar to 6 at.%) on the mechanical properties of FeSiTi alloy subjected to SPD processing prior to ageing treatment were investigated by atom probe tomography and scanning transmission electron microscopy. It was shown that the refinement of the microstructure affects the precipitation kinetics and the spatial distribution of the secondary hardening intermetallic phase, which was observed to nucleate heterogeneously on dislocations and sub-grain boundaries. It was revealed that alloys successively subjected to these two strengthening mechanisms exhibit a lower increase in mechanical strength than a simple estimation based on the summation of the two individual strengthening mechanisms.