Deformation scheme plays the significant role in texture and microstructure formation of the processed metal ensuring the definite level mechanical properties. Medium carbon steel wire with 0.5 %C was chosen for investigation. It was deformed by combined deformational processing by drawing with bending and twisting. XRD analysis of the processed wire showed that after drawing <110> fiber texture is formed along the drawing direction. Combined deformational processing by drawing with bending and drawing with bending and twisting results in texture formation in the wire in each case in transverse direction. In microstructure of medium carbon steel wire deformation and breakdown of cementite lamellae can be noticed after all kinds of deformational processing.