Purpose: The major problem restricting universal employment of intermetallic phase base alloy is their low plasticity which leads to hampering their development as construction materials. The following work concentrates on the analysis of microstructure and plasticity of ordered FeAl (B2) alloy during cold and hot deformation and rolling process. Design/methodology/approach: After casting and annealing, alloy specimens were subjected to axial-symmetric compression in the Gleeble 3800 simulator at temperatures ranging from 800, 900 and 1000° C at 0.1s -1 strain rate. In order to analyse the processes which take place during deformation, the specimens after deformation were intensely cooled with water. The process was conducted on the K -350 quarto rolling mill used for hot rolling of flat products. The process was conducted in some stages at temperature ranging from 1200-1000° C: Structural examination was carried out using light microscopy. The examination of the substructure was carried out by transmission electron microscopy (TEM). Findings: The research carried out enabled the understanding of the phenomena taking place during hot rolling of the investigated alloy. which has been also confirmed in plastometric studies conducted in the form of hot compression tests. The microstructure analyses applying optic and electron microscopy have revealed the structure reconstruction processes occurring in FeAl alloys during cold and hot deformation. Practical implications: The research carried out enabled the understanding of the phenomena taking place during deformation and annealing of the investigated alloy. The obtained sheets can be used as constructional elements working in complex stress fields, at a high temperature and corrosive environments. The results will constitute the basis for modelling the structural changes. Originality/value: The obtained results are vital for designing an effective thermo - mechanical processing technology for the investigated FeAl alloy.