The effect of microstructure on cold-rolling workability and tensile properties of Ni3Si (L12)−Ni3Ti (D024)−Ni3Nb (D0a) multi-phase intermetallic alloys was investigated. The cast alloys with different microstructures containing the D024 phase and/or the D0a phase particles in the L12 matrix were homogenized and then cold rolled. For the alloys with the microstructure consisting of coarse plate-like D024 particles in the L12 matrix, serious cracks initiated at the coarse D024 particles in the early stage of the cold rolling process and then propagated, resulting in failure of the rolled plate. On the contrary, for the alloys with the microstructure consisting of fine needle-like D024 precipitates and/or granular-shaped D0a particles, these second phase particles did not spoil the cold workability, leading to successful cold rolling to 90 % reduction. After 90 % cold rolling, the rolled sheets were fully recrystallized at 1173 K for 1 h, resulting in the formation of a fine-grained microstructure. The room-temperature tensile strength and the yield stress of the recrystallized sheet were remarkably enhanced compared with that of the unrolled alloys, possibly due to the fine-grained microstructure as well as the particle hardening. Also, the high-temperature tensile strength and the elongation were improved in the recrystallized sheets compared to an L12 single-phase Ni3(Si,Ti) alloy sheet. Consequently, it was found that the cold rolling and annealing process was beneficial to improve the tensile properties for the present multi-phase intermetallic alloys.