Superplastic deformation was studied in fine-grained (0.7–1.1 μm) YBa2Cu3O7–x/Ag composites containing 2.5–25 vol% Ag. The compression tests were conducted in the temperature range of 750–875 °C and at strain rates of 10−5 to 10−3/s. For the YBa2Cu3O7−x/25%Ag composites with grain size of 0.7–1.1 μm, deformed at 800–850 °C and 10−5 to 10−3/s, the stress exponent, grain size exponent, and the activation energy of deformation were 2.0 ± 0.1, 2.5 ± 0.7, and 760 ± 100 kJ/mol, respectively. These values were the same as those of the pure YBa2Cu3O7−x, indicating that the deformation of the composite was controlled by that of the rigid YBa2Cu3O7−x phase. However, the strain rate was increased by the addition of silver as explained by the soft inclusion model of Chen. The dependence of the flow stress on the silver content was in close agreement with the prediction of the model.