The recrystallization texture evolution in heavily cold-rolled (93%) FeCo-2V alloy with annealing temperature and time was investigated by X-ray diffraction and electron backscatter diffraction. It was found that the orientation density of a-fiber texture component fluctuates with increasing annealing temperature and time.The transmission electron microscopy images show that abundant precipitates appear inside the recrystallized grains and around the grain boundaries. The amount and size of the precipitates also vary with annealing temperature and time. The enhancement of the a-fiber coincides well with the increase of number density of fine precipitates, indicating that the fine precipitates facilitate the development of a-fiber. The annealing texture evolution observed in the FeCo alloy could be attributed to the facilitating effect of the precipitates on the development of a-fiber and the ordering process.