Abstract: The NiCr sputtering target for semiconductors was prepared by vacuum induction melting, and hot rolling was carried out under different deformations. The microstructure and magnetic properties of NiCr alloy were analyzed. The results showed that nickel-based solid solution with face-centered cubic structure was formed in NiCr alloy, and obvious grain refinement occurred after the alloy was hot rolled. With the increase of hot rolling deformation, the degree of preferred orientation of(101) grain surface first increased and then decreased, and the grains were rotated during hot rolling. With the increase of the hot rolling deformation, the dislocation was observed in the grains, and the dislocation was entangled in some areas, and the grain boundaries with small angles were formed.There are more hysteresis loops in the center of the hysteresis loop in the hot-rolled samples, which increases coercive force and residual magnetic induction intensity. With the increase of the hot rolling deformation degree, the alloy coerced Hc increases with the increase of the magnetic permeability, while the remanence Br first increases gradually and then decreases. When the hot rolling deformation degree reaches 10%, the Br increases rapidly and then decreases continuously.