Effect of deformation by extrusion, rolling after extrusion (in combination with annealing and changing the rolling direction), and subsequent alternating bending (AB) with the number of cycles 0.5, 1, 3, and 5 on the elastic modulus (E), damage accumulation parameter (damage parameter ω), crystallographic texture, and substructure parameters of the binary Mg-5%Li alloy have been studied. The damage parameter (0 ≤ ω ≤ 1), which is interpreted as the relative reduction in the effective load-bearing cross-sectional area due to damage accumulation, was found by the change in the elastic modulus after various above types of deformation. At this, we used to compare equivalent deformation and equivalent elastic energy models. The substructure parameters (crystalline domains sizes D, lattice distortion ε, dislocation density ρ) were estimated by analyzing the physical broadening of the lines diffraction on the crystal lattice of studied alloy of the penetrating hard X-ray synchrotron radiation. It was found that in the studied alloy, sheet forms a texture, at which the hexagonal prism axis is 90° deviated from the normal direction (ND) to the sheet up to transverse direction (TD) after extrusion of the ingot at 350°C in combination with its further rolling in the direction of extrusion axis (rolling direction RD) to a thickness of 4.5 mm and annealing at 350°C after each pass. At this the crystallographic directions and coincide with RD. The texture, at which the hexagonal prism axis is deviated from ND to TD by angles ranging from 15 to 70° (unlike from texture of basal type of the pure magnesium) is formed after further rolling of studied alloy to a thickness of 1 mm with the changing of the RD on 90° in combination with annealing at 350°C after each pass. The crystallographic direction coincides with RD. The anisotropy of above mentioned characteristics was found. Correlation and regression analysis showed that the anisotropy and the values of E, D, ε, and ρ, are decreased, and the values of ω are increased with an increase of alternating bend cycles’ number. It is shown that changes in the above characteristics are mainly due to the crystallographic texture formed during thermomechanical processing and subsequent alternating bending of Mg-5%Li alloy sheets, which is confirmed by data of correlation and regression analysis.