The Cu–3 wt%Ag–0.5 wt%Zr are rolled with the same reduction process at room (RT) and cryogenic (CT) temperature, respectively. The electron backscatter diffraction and transmission electron microscope are used to analyze and compare the evolutions of material microstructure and texture. The results show that the stability of as-rolled CT sheets is different from that of the RT samples, which can be verified by the lower temperature for the occurrence of recrystallization and Ag-base particles precipitation. Besides the Brass, Copper and S textures which are exhibited in the two kinds of as-rolled sheets, there are also Q and P texture components in the as-rolled CT sheets. The constitutive equation basing on evolution of dislocation mean free path (L) and dislocation cell size (dDC) with plastic strain indicates that the initial values of L, dDC and mobile dislocation density (ρm) are associated with annealing condition closely. Furthermore, the strain ranges of the stable and instable plastic deformation are related to the degree of recovery and recrystallization.