Effect of cold processing on the microstructure and mechanical properties of Ti-35 alloy plate was studied. It was found that the tensile strength increased, while the ductility decreased with the increase of cold deformation strain, which confirms the general principles. However, remaining of the ductility of 16% with cold deformation of 80% proves the high plasticity of the alloy. When deformation rate was between 60%~80%, grains became fiber. Recrystallization occurred after annealing. Grains became equiaxed with the increase of plasticity of the alloy.