A fine grained and recovered structure with densely formed fine particles has been created by means of a thermomechanical process (TMP) in Fe3Al (bcc derivative structure)-based alloys. The TMP consists of the following two parts; the first part is grain refinement and the second the creation of recovered structure stabilized by fine particles. It was found in the first part that coarse particles are required in the process of deformation to refine grain size by particle stimulated nucleation (PSN) mechanism. Fine M2C type carbide particles were densely precipitated in the second part. These particles were observed to inhibit the growth of subgrains formed around coarse particles during annealing at 700°C. This result suggests that if the fine particle density remains high, the recovered structure can be maintained at 700°C.