Fine grained TC4 titanium alloy not only displayed excellent mechanical properties such as strength, ductility and fatigue strength, but also showed good superplastic forming performance. This study focused on the processing of fine grained TC4 sheets for superplastic forming, and investigated the microstructure and texture evolution during α/β phase cross rolling and annealing. The relationship between microstructure evolution (grain size, texture) and strength of the alloy was discussed. The results show that β quenched alloy exhibits fine lamellae α′ martensite which displays multi-scale and multi-variant distribution. The microstructure of β - quenched alloy is significantly refined after two-phase cross rolling with average grain size of 0.89um. However, a mixed structure, consisting of fine recrystallized grains and coarse deformed grains, is observed. During annealing process, the rolled samples undergo continuous static recrystallization, resulting in the formation of fine equiaxed grain (~1.86 μm at 720 ℃). Meanwhile, annealing treatment did not change the texture type, while the intensity of Basal texture strength was slightly enhanced. The strong Basal texture makes the Schmidt factor of prismatic a slip close to each other when the alloy deforms along the direction of TD and RD, which results in the decrease of the strength difference between transverse and longitudinal direction. The strength of the sheet decreases with the increase of annealing temperature, which is due to the synergistic effect of the increase of grain size and the decrease of dislocation density. In summary, this study shows that the fine grained TC4 alloy with Basal texture can be fabricated by using α/β phase cross rolling and annealing, which providing a theoretical basis and technical support for the preparation of fine grained titanium alloy plates for aerospace applications.