This paper discusses the development of a novel processing route to produce ultra fine-grain bulk alloy forgings; the microstructural response of these forgings to thermal exposure; and the comparison of mechanical properties to those from conventionally processed material. A Ni-20Cr [wt%] alloy was processed by near-isothermal multi-axis forging to a grain size of approximately 1 mu m. A heat-treatment study over the range 900 to 1200 degrees C was conducted to determine the resultant grain size as a function of time and temperature. Tensile properties were measured at room temperature, 500 degrees C, and 930 degrees C. High-cycle fatigue properties were measured at room temperature. The room-temperature tensile strength was approximately 2.5 times greater than that of conventionally processed Ni-20Cr. Fatigue data showed that the room-temperature high-cycle fatigue run-out stress was greater than 100% of the yield stress.