For the sake of unveiling the macro-micro behaviors and underlying control mechanisms of electroplastic effect (EPE) of sheet metals during recent thriving electrically-assisted incremental forming (EAIF) processes, electrically-assisted cyclic loading-unloading tension (EACT) experiments were carried out at a current density of 14~20A/mm2 followed by forced and unforced cooling. The electro-thermo-mechanical responses and the evolution rules of dislocation configurations, fracture modes, phase composition and local orientation distribution were characterized by IR imaging, SEM, quantitative EBSD and TEM tests. Moreover, the thermal and athermal components of the electrically-induced stress drop throughout the EACT processes were decoupled and systematically analyzed via temperature control tests and isothermal correction. The results show that thermal effect of electric current possesses a great proportion of 75 % in the overall stress drop and plays a key role in elastic modulus degradation and ductility enhancement by activating pyramidal {101‾1}⟨12‾10⟩ slip systems, weakening (0001) texture and promoting dynamic recrystallization (DRX) and α→β→α′ phase transformation. While the athermal effect only operates after reaching both threshold current density and plastic strain, it increases monotonically with current density, brings about “hot spots” effect, local charge imbalance and weakened atomic bonding, and further causes intensified local strain gradient, substructure formation and DRX nucleation. The ratio of athermal stress drop first decreases and then increases significantly with loading cycle at the later stage of EACT under the combined effect of local Joule heating effect and flow localization. Additionally, the athermal effect only activates short-range solute diffusion and localized diffusional α→β phase transformation, while the combined thermal and athermal effects promote long-range solute diffusion and an increasing rate in β content of 261.8 %. The present work provides theoretical basis for optimizing the EAIF forming process and realizing extreme manufacture of light-weight thin-walled complex components.