The effects of rapid heating cyclic heat treatment on mechanical properties of a TiAl-based alloy (Ti-33Al-3Cr) were studied by means of an induction heating machine. The results show that: 1) fine fully-lamellar microstructure with colony size of about 50 μm and lamellar spacing of about 0.12 μm can be obtained; 2) the compression mechanical properties can be improved to a large extent and the best comprehensive compression mechanical properties can reach the yield stress 745 MPa, the large flow stress 1 672 MPa and the compression ratio 19.4%; and 3) the compression fracture at room temperature after induction heat treatment and aging is still typical cleavage fracture.