In a process for producing a zirconium-based alloy in which after the zirconium-based alloy is subjected to hot plastic working, it is subjected to cold plastic working and then to annealing and these steps are repeated at least twice, the present invention provides a process for producing a zirconium-based alloy characterized in that after the alloy is subjected to solid solution treatment in which it is heated to a temperature within the range including the .alpha. phase and the .beta. phase of the alloy, or within the range of the .beta. phase and is then quenched, cold plastic working is effected at least twice.