Structural studies have been performed on precipitation hardening and microstructural variations found in Ti-Al-Cr ternary $L1_0$- and $L1_2$-phase alloys using transmission electron microscopy. Both the $L1_0$ and $L1_2$ phase alloys harden by aging at 973 K after solution annealing at higher temperatures. The amount of age hardening of the $L1_2$ phase alloy is larger than that of the $L1_0$ phase alloy. The phase separation between $L1_0$ and $L1_2$ phase have not been observed by aging at 973 K. But $Al_2Ti$ was formed in each matrix alloy during aging. The crystal structure of the $Al_2Ti$ phase is a $Ga_2Zr$ type in the $L1_0$ and a $Ga_2Hf$ type in the $L1_2$ phase, respectively. At the beginning of aging the fine coherent cuboidal $Al_2Ti$-phase are formed in the $L1_0$ phase. By further aging, two variants of $Al_2Ti$ precipitates grow along the two {110} habit planes. On the other hand, in the $L1_2$ phase, the $Al_2Ti$ phase forms on the {100} planes of the $L1_2$ matrix lattice. After prolonged aging the precipitates are rearranged along a preferential direction of the matrix lattice and form a domain consisting of only one variant. It is suggested that the precipitation of $Al_2Ti$ in each matrix alloy occurs to form a morphology which efficiently relaxes the elastic strain between precipitate and matrix lattices.