Abstract: The cold-rolled sheet of an ultra-purified Cr17 ferritic stainless steel stabilized with both Nb and Ti was annealed at different temperatures, and the effect of annealing temperature on the microstructure, texture and formability of the sheet was investigated. The results showed that the annealing temperature to the sheet is the key influencing factor on its formability. The average grain size increases gradually and the heterogeneity among all grain sizes is aggravated with increasing the annealing temperature. Moreover, the γ-fiber texture is gradually strengthened while the α-fiber texture is weakened, thus increasing the (average strain ratio) gradually with the Δr (planar anisotropy) value changing slightly. To avoid the occurrence of "orange peel" (rough surface), the annealing temperature should be below 1000°C and the average grain size should be controlled smaller than 40 μm. In such a way, the finished sheet has the best formability with value 1.92 and Δr value 0.12 after annealing at 975°C without "orange peel".