Ti-48Al-2Mn-2Nb alloy was produced by “centrifugal spray deposition” (CSD), and then hot isostatic pressing (HIP) was employed to remove the porosity formed by CSD. The effects of CSD and HIP processing on the mechanical properties and microstructure of the TiAl alloy were investigated. The results show that the CSD and HIP processing can both improve the strength, plasticity of the TiAl alloy, and the tensile elongation values of the CSD or HIP samples are around 3%, which are better than those of as-cast TiAl alloys in room temperature. Especially, they show more excellent compressive properties at ambient temperature with a compressive ratio of 33.8% and compressive strength of 2210MPa for the CSD samples, and a compressive ratio of 37.8% and compressive strength of 2348MPa for the HIP samples. The CSD processing also improves the fracture toughness of TiAl alloy, which is much higher than that of the HIP processing, while the HIP processing seems to be beneficial the ductility and plasticity as having a duplex structure. The effects of CSD and HIP processing on microstructure and properties of TiAl alloys are discussed to understand the deformation and fracture process of the alloy.