Microstructural analysis of a (α+β) Ti alloy was investigated to consider phase transformation in each step of thethermo-mechanical process using by SEM and TEM EDS. The TAF (Ti-6Al-4Fe) alloy was thermo-mechanically treated withsolid solution at 880oC, rolling at 880oC and annealing at 800oC. In the STQ state, the TAF microstructure was composedof a normal hcp α and metastable β phase. In a rolled state, it was composed of fine B2 precipitates in an α phase, whichhad high Fe segregation and a coherent relationship with the β matrix. Finally, in the annealing state, the fine B2 precipitateshad disappeared in the α phase and had gone to the boundary of the α and β phase. On the other hand, in a lower rollingtemperature of 704oC, the B2 precipitates were more coarse in both the α and the boundary of α and β phase. We concludedthat microstructural change affects the mechanical properties of formability including rolling defects and cracks.