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The fundamental thermodynamic functions of enthalpy, entropy, and Gibbs free energy, as functions of the excess free volume at interfaces, temperature, and grain size, have been derived for single-phase metal nanocrystals. The model was applied to predict the thermal features of nano-grain boundaries and the characteristics of phase transformation in nanocrystalline metals, such as the transformation temperature and the critical grain size for phase transformation at a given temperature. The model predictions have been verified by experimental studies on the β-Co (→) α-Co phase transformation in nanocrystalline Co prepared by ball milling.