Metal and alloy toughening was the core and long-term research direction in materials filed. As grain size had bimodal distribution, micro/nano-structured alloys presented excellent comprehensive mechanical properties, and this had become one of the research hotspots and developing trends in the field of nanotechnology. In-situ tensile test was a direct and effective method to study the deformation mechanism of materials, which revealed the multiple mechanisms responding to feature grain sizes and provided reliable experimental means and research technique. Research on development of in-situ technique and its applications in mechanical properties was reviewed in this paper according to the recent advances on the modern mechanical properties for high strength and high plasticity alloy at home and abroad. The disadvantages of the present study of preparation methods and investigation techniques for high-performance alloy had been concluded. Finally, the development prospects of high strength and high plasticity alloy materials were analyzed.