X2CrNi12 ferritic stainless steel has a wide range of application prospects in the railway transportation, construction, and automobile fields due to its excellent properties. The properties of X2CrNi12 ferritic stainless steel can be further improved by cold-rolling and subsequent annealing treatment. The purpose of this work is to investigate the effect of cold-rolling reduction on the microstructure, texture and corrosion properties of the recrystallized X2CrNi12 ferritic stainless steel by using SEM, TEM, EBSD and electrochemical testing technology. The results show that the crystal orientation characteristics of the cold-rolled sheet could be inherited into the annealed sheet. The higher cold-rolling reduction could promote the deformed grains rotating into the {111}<uvw> orientation, increasing storage energy and driving force for recrystallization, which could reduce the recrystallized grain size. The orientation densities of α-fiber and γ-fiber were low at 50% cold-rolling reduction. After recrystallization annealing, a large number of grains with random orientation could be produced, and the texture strength was weakened. When the cold-rolling reduction rose to 90%, the γ-fiber texture at {111}<110> was strengthened and the α-fibers, particularly the {112}<110> component, were weakened after recrystallisation annealing, which could improve the formability of the steels. The proportions of special boundaries, i.e., low-angle grain boundaries and low-Σ CSL boundaries, among the grain boundary distribution of the recrystallized X2CrNi12 stainless steel were higher when the reduction was 90%, especially when the annealing temperature was 770 °C. Additionally, the proportion of LAGBs and low-Σ CSL boundaries were 53% and 7.43%, respectively, which improves the corrosion resistance of the matrix, showing the best corrosion resistance.