Controlling the formation of the β’ (Al3Zr) phase is pivotal for regulating the recrystallization and thus the mechanical properties of the spray formed 2195 (Al–Cu–Li) alloy. In a conventional “homogenization-extrusion” process, the precipitation of β’ is severely affected by the presence of the T1(Al2CuLi) phase in the as-deposited alloy, leading to an inhomogeneous distribution of the β′ phase. In the present work, we propose a new thermomechanical processing (TMP)—swapping the order of the homogenization and extrusion processes. The microstructures and properties of the new proposed TMP were systematically studied at various stages of the alloy treatment and compared with the out of the conventional TMP. It was revealed that the introduction of the extrusion process on the as-deposited alloy can break the continuous network of primary phases and dissolve the T1 phase, promoting a uniform distribution of the β’ phase during subsequent two-step homogenization. During solution treatment, the new TMP is more effectively in suppressing the formation of a coarse grain layer at sheet surface, while after final peak aging, the new TMP produces a lower alloy strength but a higher elongation, due mainly to the smaller thickness reduction during deformation. The new proposed TMP technique provides a new insight into regulating the mechanical properties of Al-Cu-Li alloys.