This study focuses on the microstructure and texture evolution of a Ti-5Al-5Mo-5V-3Cr alloy during cold rolling and annealing treatments. Three samples with different initial microstructures were cold rolled to a 40% reduction in thickness. The starting microstructure of one sample was single β phase while two other specimens were α+β phases with different α particle sizes, distributed in β grains. For all three samples, the average size of primary β grains was 150 µm. The cold rolled specimens were then annealed at 860 °C (10 °C above the β transus temperature) for 5 minutes followed by water quenching. Microstructure development during cold rolling and recrystallization was studied by scanning electron microscopy (SEM) and electron backscatter diffraction (EBSD) technique. Microstructure investigations showed that massive amount of shear bands occurred during the cold rolling of the single β phase sample while only a few shear bands were observed in the α+β cold rolled microstructures. The cold rolled texture of the sample comprised of a single β phase contains a gamma fibre (//ND) and a partial alpha fibre (//RD). Annealing treatment decreased the intensity of the cold rolled texture in the single β phase sample. Also, it was found that the presence of α precipitates changes the common annealing texture observed in the single β phase specimen.