Fe-50Ni soft magnetic alloy strip was prepared by sub-rapid solidification process of strip casting. The effects of cold rolling and annealing process on the evolution of texture and magnetic properties were studied. The research reveals that the Fe-50Ni alloy exhibits high microstructural quality, with no intergranular oxidation, consistent mechanical properties in all directions. The sample annealed at 1150 degrees C for 4 h exhibits the largest grain size, whereas that held for 2 h shows the smallest. Prolonging the holding time can effectively diminish the fraction of <110>-oriented grains and augment the fraction of <111>-oriented ones. There are a large number of shear bands with an angle of 45 degrees to the rolling direction. At the beginning of recrystallization, Goss grains and {001}<310>grains nucleate on the shear bands at {221}<122>. The texture after cold rolling is mainly Cube and copper texture. With the extension of insulation time, the grain size and {112}<111>texture gradually increase.The sample held at 1150 degrees C for 4h achieves optimal comprehensive magnetic properties, with B800 of 1.38 T, B5000 of 1.55 T, P1.0/50 of 0.36 W/kg, and P1.0/400 of 8.45 W/kg. This is attributed to the fact that the {112}<111>oriented grains are the most abundant in the 4-h insulation sample, and the<111>direction is exactly the easy magnetization direction of the FCC alloy.