The as-received commercial Inconel 718 material was solid solution heat treated (ST), cold-rolled (CR), and precipitation-hardened (PH) to investigate the effects of deformation on the tensile properties, hardness, and texture. Three sets of specimens (0%, 20%, and 50% CR) were ST at 1100 °C/1 h, CR, and aged (720 °C/8 h + 650 °C/8 h) for the analysis. The ultimate tensile strength (UTS), 0.2% yield strength (YS), and elongation of 50% deformed condition were 1645 MPa, 1512 MPa, and 3.8%, respectively. The 20% deformation resulted in a balanced UTS (1348 MPa), YS (1202 MPa), and elongation (11%). The contribution of precipitation hardening to the strength decreased, while the contribution of CR increased with an increasing percentage of deformation. As the level of deformation increased, the size and quantity of γ″ decreased proportionally. The CR specimens produced a high density of nano/micro twins with twin planes oriented perpendicular to the RD-ND surface. The gradient of crystal orientation and internal features of large austenitic grains were generated by their preferred rotation. The cross-slip of screw dislocations induced a complete β-fiber consisting of {110}<112>, {112}<111>, and {123}<634>, with doubled intensity at the higher deformation. Additionally, the specimens were highly susceptible to the twinning-induced orientation emerged by a predominant <110>//ND. In the as-deformed condition, an incomplete but intense α-fiber clustered between {110}<001> and {110}<112> was characterized. Apart from achieving the highest strength, the current work demonstrates the effects of CR on the material strength without the complex influences of δ precipitates.