Fiction stir welding (FSW) of a naturally aged (T4) 2195 Al-Li alloy was conducted to study the effect of post-weld artificial aging (AA) and rolling+artificial aging (R+AA) on microstructure and mechanical properties of the FSW joints. Grain features were analyzed by electron back scattered diffraction (EBSD) technology, and precipitates were characterized using transmission electron microscopy (TEM) along [011]Al and [001]Al zone axes. Mechanical properties of the joints were evaluated through micro-hardness and tensile testing. The results indicate that grain development, including grain orientation, grain boundary components and dislocation density, varies within different regions of the As-welded joints due to complicated thermal-mechanical history. The alloying elements mostly exist as Guinier-Preston zones in the base material (BM) with a few formations of δ'/β', and slightly precipitate into T1 in the heat affected zone (HAZ), form σ in the thermal-mechanical affected zone (TMAZ), as well as develop T1 and S' in the nugget zone (NZ) after FSW. The lowest hardness zone (LHZ) exhibits elevated precipitation levels, generating coarse T1 and grain boundary precipitates with evident σ and precipitate free zone. The overall precipitation level of the As-welded joints remains minor, resulting in a slight decrease in hardness at the LHZ. Post-weld AA promotes many T1 formations, enhancing the joint strength and hardness. As a result, the ultimate tensile strength (UTS) of the joints increases from 440 MPa to 506.5 MPa, while the elongation decreases from 13.5% to 3.4%. Furthermore, hardness profiles transform from a low-amplitude wave curve to a high-amplitude W-shaped curve, generating a significant LHZ due to the minimal precipitation of T1. Pre-rolling deformation can enhance dislocation density and low angle grain boundaries (LAGBs), promoting the nucleation of high-density, fine T1 during artificial aging, and especially improves precipitation ability of the LHZ, leading to an elevated hardness increment in the region after AA. Compared to the Joint-AA, both strength and elongation of the Joint-R+AA increase, obtaining 530.5 MPa and 3.9%, respectively.