The precipitation behavior of α phase from β phase and the variation of mechanical properties during aging in the severely cold rolled alloy were studied. The results show that nanostructure is formed in some regions of the cold deformed alloy. α phases precipitating from β nanostructure region are thin-needle like during aging from 450 oC to 650 oC and those from β non-nanostructure region grow from the needle to the lath-shaped and finally become lenticular plate. After cold rolling and heat treatment at 450 oC for 4 h, the hardness of the alloy reaches the peak value (5328 MPa). The yield strength and ultimate strength of the alloy aged at 450 oC for 4 h are 1483 and 1562 MPa, respectively. The aging time for peak value is shortened and the hardness decreases sharply with the increase of aging temperature. The strength and hardness of the alloy after aging at 650 oC is lower than that before aging. This is attributed to the coarse thin-plate precipitates, the growth of nanostructure crystals and the decrease of dislocation density in the alloy during aging at 650 oC. The change tendency of the strength and the hardness of the alloy treated by different aging procedures are similar and they are related to the state of the precipitates formed during aging.