In this research, microstructures of an intermetallic alloy based on γ-TiAl has been investigated by optical and transmission electron microscopy. Samples of Ti-47Al-2Cr alloy were subjected to either a cyclic heat treatment or thermomechanical treatment with the aim of microstructural refinement. In both cases it was found that very fine lamellar structure with an interlamellar spacing in the nano scale is formed. Upon cyclic heat treatment, nano layers of α2 and γ ordered intermetallic phases were either formed during rapid cooling cycle in competition with massive structure formation, or formed as secondary lamellar structure during final stages of cyclic heat treatment. Also, TEM observations in hot forged specimens with initial lamellar structure revealed that micro twins form during the deformation within lamellar structure with twinning plates parallel to lamellar interfaces. Concurrent dynamic recrystallisation results in a nano layered structure with an interlamellar spacing of less than 100 nm.