The microstructural evolution and mechanical properties of Fe61.5Cr17.5Ni11.5Al8C1.5 high-entropy alloys (HEAs) were investigated to establish an optimal set of annealing conditions that would result in reasonable recrystallized fractions across the different temperatures and durations. The evolution of the microstructure was analyzed, tracking the transformation from the rolling texture to the recrystallization texture, as well as any phase transformations that occurred. The grain size distribution, overall microstructural features, and the effects of annealing temperature and time on the tensile properties of the HEAs were examined and discussed. The alloy was subjected to cold rolling and subsequent annealing treatments, revealing a single FCC phase after homogenization at 1260 °C. The cold-rolled samples retained the FCC structure at lower annealing temperatures (400 °C and 500 °C) but underwent a phase transformation to BCC at higher temperatures (600 °C to 900 °C). Microstructural characterization demonstrated that cold rolling introduced a high density of dislocations, while annealing facilitated recrystallization and grain growth. The tensile tests indicated that HEA samples exhibited a yield strength of 570 MPa and ductility of ∼36 % with large grain size after a long annealing at elevated temperature. In contrast, after being heat-treated at 1200 °C for 2 min, HEAs restrict FCC-to-BCC phase transformation and exhibit small grain size (3.2 µm) with M23C6-like carbide precipitation in the FCC matrix. Smaller grains provide additional boundaries, which restrict dislocations to bypass these boundaries. While carbide precipitates at grain boundaries and inside grains, it strengthens the material by pinning grain boundaries and restricting dislocation movement, resulting in a yield strength of 610 MPa and ductility of ∼41 %.