To improve the production process and produce high-quality annealed drawn and ironed (DI) plate, continuous annealing experiments were carried out at 620 °C, 640 °C, 680 °C, and 720 °C, and the effect of continuous annealing temperature on the microstructure, mechanical characteristics, and texture of annealed DI plate were clarified. The microstructure was tested with a scanning electron microscope (SEM); the mechanical properties and weighted average of the plastic strain ratio (r¯) were measured using a tension test; and the texture characterizations were tested by X-ray powder diffractometer (XRD) and electron backscatter diffraction (EBSD). The results reveal that, with the increase of the annealing temperature, the average grain size grew from 5.14 μm to 6.56 μm, the yield strength and tensile strength decreased, and the elongation increased. The rolling textures drastically reduced after annealing. When annealed at a lower temperature of 620 °C, the texture content of {111} <110> was the highest. When the annealing temperature increased to 640 °C, 680 °C and 720 °C, the texture content of {111} <112> was higher than that of {111} <110>. The mechanical properties of the DI plate that was annealed at 640 °C are the best, with a higher r¯ value and a lower planar anisotropy value.