The effect of deformation (deformation degree and deformation temperature) and annealing (annealing temperature and annealing time) on the microstructural evolution of Fe₄₇Mn₃₀Co₁₀Cr₁₀B₃ high-entropy alloy were systematically investigated by electron backscattered diffraction and electron channeling contrast. The dominate deformation mechanism changes from dislocation slip to transformation-induced plasticity with the decreasing deformation temperature in case the strain is small. At room temperature, with the increasing strain the dominate deformation mechanism changes from dislocation slip to transformation-induced plasticity while second phase particles precipitate along the rolling direction. During recrystallization annealing treatment of the heavy deformed alloy, with the increasing annealing temperature the alloy presented the following microstructure evolution namely, changed from deformed microstructure (600℃-5 min) to partial recrystallization (800℃-5 min) and then complete recrystallization (1000℃-5 min). For the annealing at temperature (1000℃) with the increasing annealing time the microstructural evolution undergoes partial recrystallization (1 min) and complete recrystallization (5,15 min). In addition, the phase component transforms from single phase (γ) to dual phase (γ + ε). The annealing treatments do not change the distribution of second phase particles along the rolling direction. The high-entropy alloy shows a comprehensive mechanical performance with yield strength of 326 MPa, tensile strength of 801.9 MPa and elongation 26.8%, respectively.