Comprehensive information on in situ microstructural and crystallographic changes during the preparation/manufacturing processes of various materials is highly necessary to precisely control the microstructural morphology and the preferred orientation (or texture) characteristics for achieving an excellent strength–ductility–toughness balance in advanced engineering materials. In this study, in situ isothermal annealing experiments with cold-rolled 17Ni-0.2C (mass%) martensitic steel sheets were carried out by using the TAKUMI and ENGIN-X time-of-flight neutron diffractometers. The inverse pole figures based on full-profile refinement were extracted to roughly evaluate the preferred orientation features along three principal sample directions of the investigated steel sheets, using the General Structure Analysis System (GSAS) software with built-in generalized spherical harmonic functions. The consistent rolling direction (RD) inverse pole figures from TAKUMI and ENGIN-X confirmed that the time-of-flight neutron diffraction has high repeatability and statistical reliability, revealing that the principal preferred orientation evaluation of steel materials can be realized through 90° TD ➜ ND (transverse direction ➜ normal direction) rotation of the investigated specimen on the sample stage during two neutron diffraction experiments. Moreover, these RD, TD, and ND inverse pole figures before and after the in situ experiments were compared with the corresponding inverse pole figures recalculated from the MUSASI-L complete pole figure measurement and the HIPPO in situ microstructure evaluation, respectively. The similar orientation distribution characteristics suggested that the principal preferred orientation evaluation method can be applied to the in situ microstructural evolution of bulk orthorhombic materials and spatially resolved principal preferred orientation mappings of large engineering structure parts.