A nanocrystalline CrMnFeCoNi high-entropy alloy produced using severe plastic deformation using high-pressure torsion was annealed at selected temperatures and times (450 °C for 1 h and 15 h and at 600 °C for 1 h), causing a phase decomposition into a multi-phase structure. The samples were subsequently deformed again by high-pressure torsion to investigate the possibility of tailoring a favorable composite architecture by re-distributing, fragmenting, or partially dissolving the additional intermetallic phases. While the second phase in the 450 °C annealing states had high stability against mechanical mixing, a partial dissolution could be achieved in the samples subjected to 600 °C for 1 h.