To investigate the effects of cold rolling on the microstructure, the precipitation behavior and the morphology of δ-phase, Inconel 718 alloy samples with different cold rolling reductions were aged for different periods at temperatures range from 850 °C to 1000 °C. Detailed microstructural observations and quantitative measurements were conducted to characterize the evolution of the δ-phase during aging. The results show that the microstructure consists of large deformed grains as a result of a slow static recovery at the low aging temperatures (850 and 900 °C); whereas the austenite matrix is fully recrystallized at the high aging temperatures (950 and 1000 °C). It is also found that the amount of δ-phase and the number density of spherical δ-phase particles increase with the increase in the degree of cold rolling both at low and high aging temperatures. With respect to different microstructural changes for the cold-rolled samples at the low or the high aging temperatures, two distinct mechanisms have been, respectively, introduced to interpret the changes in the precipitation behavior and the appearance of δ-phase.