The aim of the investigations was to elucidate the mechanisms of the deformation texture and microstructure transformation during annealing of highly cold-rolled fcc metals and alloys with low stacking fault energy. The investigations were carried out on polycrystalline phosphorus copper (CuP1) and pure silver by means of transmission electron microscopy and calorimetry. The local orientation characteristics of the microstructure at the deformed stage as well as their changes induced by annealing were analyzed. It has been found that recrystallization can be considered as a few, partly overlapping processes proceeding in two steps. At the first step, there recrystallize the regions of shear structures and the bundles composed of deformation twins and not-twinned matrix. In general, the rise of the successful nuclei is preceded by the coalescence of several subgrains. Such processes are often observed in the regions of matrix subgrains distorted in the close neighborhood of shear bands. New grains, growing from these regions, have orientations of deformation components after rotation around transverse direction by +/-0divided by35degrees. The further growing of the new grains is accompanied by intense twinning. After completion of the recrystallization process the texture of phosphorus copper with the components {011}, similar to{411}<122> and similar to011}<122> reproduced approximately the orientation distribution of new grains of the first step. Silver shown the recrystallization texture of brass type with the main component {236}<385>.