<p>Nickel-based corrosion-resistant alloys are extensively applied in oil and gas drilling due to their favorable strength, ductility, and corrosion resistance. While, the advancement of drilling into deeper and more severe environments, greater demands have been placed on their mechanical performance. In this study, a typical age-hardened nickel-based corrosion-resistant alloy (CRA718) was subjected to varying degrees of cold deformation, and the effects of deformation-induced work-hardening and subsequent age-hardening on the alloy’s mechanical properties were investigated. SEM, TEM, and EBSD techniques were used to observe the distribution of the γ″ and δ phases with and without deformation&#xa0;before aging. Tensile and age-hardening experiments were conducted to assess the influence of microstructural evolution on the alloy's mechanical properties. The results showed that cold deformation significantly refined the grain structure, increased dislocation density, and accelerated the aging response, leading to preferential precipitation of γ″ along the [100]γ direction and spheroidization of δ phases, effectively suppressing their needle-like morphology. Quantitative analysis indicates that the yield strength of CRA718 increases from 910 MPa in the undeformed condition to 1066 MPa after 20% cold deformation followed by aging. Approximately 92 MPa of the 156 MPa increase is attributed to strain-induced age-hardening, primarily through dislocation–precipitate shearing. The remaining 64 MPa results from deformation-induced microstructural strengthening, including 22 MPa from grain boundary strengthening and 42 MPa from residual dislocation hardening. These findings suggest that moderate cold deformation can effectively promote the precipitation behavior and strengthening response of CRA718, providing a practical strategy for enhancing its performance in critical applications such as oil and gas exploration.</p>