Abstract: The cold rolled 00Cr26Mo1Ti ferritic stainless steel was annealed at different temperatures. The effects of annealing temperature on the microstructure and mechanical properties of 00Cr26Mo1Ti stainless steel were studied by means of microstructure observation and tensile test. The results show that the grain of cold rolled 00Cr26Mo1Ti steel is in band shape along the rolling direction. With the increase of annealing temperature, the recrystallization degree and grain size of 00Cr26Mo1Ti steel increase gradually. The grains of 00Cr26Mo1Ti steel annealed at 1040℃ are equiaxed and recrystallized.After annealing at different temperatures, the strength of cold rolled 00Cr26Mo1Ti steel decrease and its plasticity increases obviously. The 00Cr26Mo1Ti steel annealed at 1040 ℃ has the best plasticity, the elongation reaches 22.6%, and the tensile strength and yield strength are 598 MPa and 460 MPa, respectively.