Al-Zn-Mg-Cu-Zr based AA7010 aluminum alloy belongs to the class of heat treatable alloys and the semi-finished products are generally produced by hot rolling, forging or extrusion processes. It is well known that the thermo-mechanical processing parameters strongly influence both the evolution of texture as well as microstructure in the material. As a result, the semi-finished products exhibit anisotropy in mechanical properties causing legitimate concerns on the applicability of the alloys. In the present thesis, a systematic study on the evolution of texture and microstructure and its implications on the mechanical properties anisotropy of AA7010 alloy has been attempted. A brief introduction on the development of texture and its influence on the anisotropy of the mechanical properties of 7xxx series aluminum alloys is presented first with a view to explore the scopes for further investigation. An overview of the relevant literature is described subsequently. The development of texture and microstructure in an Al-Zn-Mg-Cu-Zr based 7010 aluminum alloy during uneven, hot cross-rolling is presented. Materials processing involves three different types of uneven cross-rolling. The variations in relative intensity of the β-fibre components as a function of cross rolling modes have been investigated. It has been shown that the main attributes to the texture evolution in the present study are (a) cross-rolling and inter-pass annealing that reduce the intensity of Cu component following each successive pass, (b) recrystallization resistance of Bs oriented grains, (c) stability of Bs texture under cross-rolling, and (d) Zener pinning by Al3Zr dispersoids. The stability of the unique single, rotated Brass-{110}(556) component developed in the present alloy, during long term thermal annealing and cold rolling deformation has been systematically investigated further. Subsequently, the influence of development of microstructure and texture on the in-plane anisotropy (AIP) of yield strength, work hardening behavior and yield locus anisotropy has been presented. The AIP and work hardening behavior are evaluated by tensile testing at 0o, 45o and 90o to the rolling direction, whilst yield loci have been generated by Knoop hardness method. It has been observed that in spite of having strong rotated Brass texture, the specimens show low AIP especially in peak aged temper. The in-plane anisotropy (AIP) of yield strength, and work hardening behavior of a heat treated 7010 aluminum alloy sheet having strong, rotated Brass-{110}556 component with different texture intensity and volume fraction of recrystallization has been further evaluated. It is observed that the AIP increases with increase in texture intensity and volume fraction of recrystallization. In the subsequent chapter, the tensile flow and work hardening behavior are described using constitutive equations. Room temperature tensile properties have been evaluated as a function of tensile axis orientations in as-hot rolled as well as peak aged conditions. It has been found that both the Ludwigson and a generalized Voce-Bergström relation adequately describe the tensile flow behavior in all conditions compared to the Hollomon relation. The Voce-Bergström parameters define the slope of - plots in the stage-III regime when the specimens show a classical linear decrease in hardening. Further analysis of work hardening behavior throws light on the effect of texture on the dislocation storage and dynamic recovery. An overall summary of the experimental results and the scopes for future studies have been presented at the end.