Nickel shaped-charge liners with nano-sized grains were prepared by the electroforming technique, and the deformation at ultrahigh strain rate was performed by explosive detonation. The as-formed and post-deformed microstructures of electroformed nickel shaped-charge liners with nano-sized grains were observed by means of transmission electron microscopy, and the orientation distribution of the grains was analyzed by the electron backscattering pattern (EBSP) technique. The melting phenomenon in the jet fragment and the recovery and recrystallization in the slug after plastic deformation at ultrahigh-strain rate were observed in the ultrafine-grained nickel shaped-charge liners. The research evidence shows that dynamic recovery and recrystallization play an important role in plastic deformation at ultrahigh strain rate.