The grain size of the full lamellae TiAl-based alloy changes from ~400 μm to ~40 μm through the precipitation of metastable structures by cyclic heat treatment. Based on this, two kinds of variant selection processes—coherent metastable γ variants precipitated during the air-cooling process and αs variants precipitated during the holding at a single α phase region process—are identified to promote the formation of refined Type I and Type II coherent grain boundaries. The oxidation tests at 1000 °C for 100 h show that the formation of refined coherent grain boundaries can greatly improve oxidation resistance by inducing the continuous multi-layer protective barrier consisting of (Ti, (Nb, Ta))O2, TiN, and Al(Nb,Ta)2. This protective barrier inhibits the inward diffusion of oxygen and nitrogen.