Metastable phase transformations of TiAl-based alloys provide a pathway for grain refinement and performance improvement. In this paper, the microstructure evolution of an as-extruded Ti-47Al-2Cr-0.2Mo alloy during quenching and tempering was investigated by scanning electron microscope (SEM), electron backscatter diffraction (EBSD) and transmission electron microscope (TEM), and the mechanical properties of the alloy were further evaluated by tensile tests. The results indicated that the analogous Σ3 coincidence site lattice (CSL) and γ/γ true twin interface appeared in both the Widmanstätten structure (γw) and feathery structure (γf), implying that sympathetic nucleation mechanism was responsible for the nucleation of the metastable phases. A 6 H intermediate phase with the long period stacking ordered structure (LPSO) was discovered after short-term water quenching, which provided an evidence supplement of the sympathetic nucleation mechanism. The transformation path of the metastable γw phase was proposed to follow the sequence of α/α2→6 H→γ. Apparent refinements of both grains and α2/γ lamellar colonies ((α2+γ)L) were exhibited after metastable phase transformation. The ultimate tensile strengths of the heat-treated alloy at whether room temperature (RT) or 800 °C were obviously improved, and the elongation at RT also kept at a considerable level.