Cold swaged and annealed samples of INCOLOY MA 956 (UNS S67956) were investigated using light optical microscopy (LOM), transmission electron microscopy (TEM), X-ray diffraction (XRD), electron backscattered diffraction (EBSD), and Vickers microhardness testing. The as-received oligocrystalline material presented a strong <111>-texture parallel to the longitudinal direction of the bar. This texture results from secondary recrystallization promoted by zone annealing. The microstructure in the deformed state was found to be very inhomogeneous. Deformation bands were observed in all grains. The extent of deformation banding varied from grain to grain in terms of morphology and spacing. The deformation substructures were found to be very different in each grain. A sharp <110>-fiber texture was developed during plastic deformation becoming more pronounced with increasing strain. Intense recovery during annealing has been observed in this alloy. Recrystallization did not change the texture significantly.