In the present study, a comparative study was conducted with the cold-rolled Inconel 718 alloy and warm-rolled Inconel 718 alloy. The influences of deformation process and aging treatment on microstructure evolution and tensile properties of Inconel 718 alloy were investigated. The results showed that some fresh recrystallized grains can be observed in the warm-rolled and subsequent aged samples, resulting in refined microstructures of the warm-rolled and aged samples. Besides, the warm rolling process can accelerate the precipitation of γ" strengthening phase. The peak hardness (∼560 H V) of the warm-rolled sample was obtained after aging at 720 °C for 2 h, which far exceeded that of cold-rolled Inconel 718 alloy even aged for 8 h (∼520 H V). According to the TEM analysis, the fraction and size of γ" particles of the warm-rolled sample after 2 h aging were about 10.3% and 5.9 nm, which was higher than the cold-rolled sample with the same aging treatment (7.6% and 2.9 nm). Moreover, most of the γ" particles in the warm-rolled sample after simplified aging was nearly spherical, rather than the disk-shaped in the traditional two-stage aging Inconel 718 alloy. Compared with cold-rolled and aged materials, the warm-rolled alloy after aging exhibited superior mechanical properties. When deformed at 650 °C, the tensile strength and elongation of warm-rolled samples after aging treatment were 1247.6 MPa and 18.7%, while the corresponding values of cold-rolled samples after aging were 1162.5 MPa and 13.6%. The excellent strength-ductility combination of Inconel 718 alloy was linked with refined grains, numerous modified precipitates, and partial recrystallized structure with great dislocation density and many dislocation cells. As a result, warm rolling may provide an effective way to simplify the traditional 18 h two-stage aging to just 2 h single-stage aging treatment, and meanwhile, to improve the mechanical properties of Inconel 718 alloy.