Two distinct substructures were produced in a Ni-30Fe austenitic model alloy by different thermomechanical processing routes. The first substructure largely displayed organized, banded subgrain arrangements with alternating misorientations, resulting from the deformation at a strain just before the initiation of dynamic recrystallization (DRX). By contrast, the second substructure was more random in character and exhibited complex subgrain/cell arrangements characterized by local accumulation of misorientations, formed through DRX. During the post-deformation annealing, the latter substructure revealed a rapid disintegration of dislocation boundaries leading to the formation of dislocation-free grains within a short holding time, though the former largely preserved its characteristics till becoming replaced by growing statically recrystallized grains.