The microstructure, tensile and impact properties of forgings of 7175 aluminium alloy have been studied as a function of intermediate thermo-mechanical treatment(ITMT) process. The ITMT process is consisted of warm working and recrystallization. In the case that the billet was warm-worked above 60% below 250℃ and recrystallized at 475℃, the grain size revealed about 17㎛ which corresponds to one third of that of conventional process. The refinement of grain size leaded to the improved ductility and impact energy without sacrifice of tensile strength. It was found that the ITMT processed specimen behaved isotropically due to the near equiaxed grains. It was observed that the ITMT processed specimen showed the mixed fracture mode of transgranular and intergranular, instead of intergranular mode. This change of fracture mode contributed to the improved ductility and impact property.