Grain-growth behaviors of TC4–DT alloy in a narrow temperature range (990 °C−1050 °C) were systematically investigated, and the effects of which on the lamellar structural evolution and mechanical properties were quantitatively evaluated. Microstructural observations indicated that prior β grain size increased with an increase in heat-treatment temperature and time, which was described by the modified Sellars model. The grain-growth exponent (n = 2.741) and activation energy (Q = 161.0 kJ mol−1) during β treatment were confirmed. The α colony size similar to β grain varied significantly with the heat-treatment conditions, while α plate thickness changed slightly. The Hall–Petch equation could qualitatively exhibit the relationships between the lamellar microstructure parameters (prior β grain size, α colony size, and α plate thickness) and mechanical properties (strength, ductility, and impact toughness). The fine prior β grain that contained different orientated α colonies produced more boundaries to hinder dislocation motion and crack propagation, which contributed a more circuitous crack growth path. The results indicated that the control of α colony size was critical to improve the mechanical performance of TC4–DT alloy.