With the development of the petroleum industry, the demand for materials for oilfield equipment is becoming increasingly stringent. The strength increase brought about by time strengthening is limited in meeting the needs of equipment development. The GH3625 alloy with different strength levels can be obtained through cold deformation and heat treatment processes. A study should be carried out to further develop the potential mechanical properties of GH3625. In this study, the GH3625 alloy was cold drawn with different reductions in area (0–30%) and heat treated, and its mechanical properties were tested. The microstructure of the alloy during deformation and heat treatment was characterized by methods such as optical microscopy (OM), scanning electron microscopy (SEM), and transmission electron microscopy (TEM) based on the principles of physical metallurgy. The strength increase caused by dislocation strengthening was calculated from the dislocation density, tested by X-ray diffraction (XRD). The calculated value was compared to the measured value, elucidating the strengthening effect of cold deformation and heat treatment. The results showed that the yield strength and yield ratio of the cold-drawn alloy significantly reduced after aging at 650 °C and 760 °C. Heat treatment can make a cold-deformed material recover, ablate dislocations, and greatly reduce the dislocation density in the microstructure of the GH3625 alloy, which was the main factor in the decrease in yield strength. The work-hardening gradient of the cold-drawn material varied greatly with different reductions in area. When the reduction in area was small (10%), the hardness gradient was obvious. When it increased to 30%, the alloy was uniformly strengthened as the deformation was transmitted to the axis. This study can provide more mechanical performance options for GH3625 alloy structural components in the petrochemical industry.