Rolling experiments of TRCed AZ31 magnesium alloy with different cryogenic treatment time were carried out to study the evolution mechanism of its microstructure and mechanical properties. The experimental results showed that with the increase in cryogenic time, the grain size of the sheets after cryogenic rolling was significantly refined, and the dislocation density and texture strength were greatly weakened. The combined effect led to a significant increase in the elongation and tensile strength of the sheet after cryogenic rolling. The tensile strength, elongation and average hardness of the sheet increased from 282.6 MPa, 8.2%, and 54.6 HV to 305.4 MPa, 16.3%, and 62.8 HV, respectively. Therefore, when the cryogenic treatment time was 60 s, the performance of the rolled sheet was the best. At the same time, the appearance of dimples after cryogenic rolling led to a change of the fracture mechanism, which was also the key to the improvement of the sheet elongation.