The microstructure, texture evolution, and aging behavior of a cold‐rolled (CR) Ti–B20 alloy are investigated in this work. The results show that the microstructure of the solution‐treated (ST) Ti–B20 alloy consists of equiaxed recrystallized grains and exhibits typical {001}<110> and {001}<100> textures. After cold rolling, the initial equiaxial grains are stretched along the rolling direction (RD), which can produce typical deformation textures of γ‐fiber {111}<112> and {111}<110> textures. For the CR samples after aging treatment, small amounts of needle‐like or spherical α‐phases preferentially precipitate in the grain boundaries of deformed β grains during aging treatment; many nanosized α‐phases uniformly precipitate in the grain boundaries and inside the β grains. A high dislocation density is generated in CR samples, promoting α‐phase nucleation, increasing the volume fraction, and decreasing the α‐phase size during aging treatment.