We analyze the properties of microstructured materials with negative refraction, the so-called left-handed metamaterials. We consider a two-dimensional periodic structure created by arrays of wires and split-ring resonators embedded into a nonlinear dielectric, and calculate the effective nonlinear electric permittivity and magnetic permeability. We demonstrate that the hysteresis-type dependence of the magnetic permeability on the field intensity allows changing the material properties from left- to right-handed and back. These effects can be treated as the second-order phase transitions in the transmission properties induced by the variation of an external field.