Elgiloy is Co based alloy (40wt%Co, 20wt%Cr, 15wt%Ni, 14wt%Fe and 7wt%Mo). It was strengthened by cold work and is capable of additional hardening by aging. The effects of solution treatment, cold working and age-hardening on the microstructure of elgiloy were investigated using optical microscope, scanning electron microscope (SEM) and transmission electron microscope (TEM). As rolled strips were solution treated at 1065°C/1hr. These solution treated strips were then reduced 50% by cold rolling. After cold-deformation both є-hcp phase and fcc deformation twins are also considered to coexist at room temperature. The cold worked strips were then age hardened at (450-600)°C. The age hardened strips showed formation of additional є-phase (via α f c c є h c p transformation).