Thermomechanical treatment is an effective way to refine the coarse microstructures of aluminum alloys. In this work, multiaxial forging deformation at high, medium, and cryogenic temperatures (i.e., 450, 250, and −180 °C, respectively) was performed on 7085 Al-Zn-Mg-Cu alloys, and its effect on the microstructure evolution and mechanical properties during the subsequent T6 heat treatment process was studied. The results revealed that the coarse particles were broken into finer particles when deformed at cryogenic temperatures, promoting the dissolution of the material after solid solution treatment. Dynamic recrystallization occurred when deformed at 450 °C; however, more dislocations and substructures were found in the samples deformed at 250 and −180 °C, causing static recrystallization after solid solution treatment. The cryogenic deformed sample exhibited a more intense and homogeneous precipitation phase distribution. The strength of the sample deformed at high temperature was high, but its elongation was low, while the strength of the sample deformed at medium temperature was low. The microstructure refinement of the cryogenic deformed sample led to high comprehensive mechanical properties, with an ultimate tensile strength of 535 MPa, a yield strength of 506 MPa, and a fracture elongation of 11.1%.