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Sputtering target is commonly used in semiconductor manufacturing for the preparation of thin films. Cold rolling and annealing treatment of bulk Ag is the routine process to prepare Ag sputtering target. In this paper, the microstructure evolution of Ag after cold rolling and annealing treatment was studied, and the results showed that annealing temperature affects the recrystallized structure of Ag and that 600 °C/1 h treatment can achieve complete recrystallization. At the same time, the texture evolution was also observed and discussed.