Devulcanized ground tire rubber (DGTR) samples were produced using an independently developed industrially sized single-screw extruder. The DGTR was further revulcanized to produce revulcanized DGTR (RDGTR) samples. The structure and properties of the produced samples were investigated via tests and characterization of sol fraction, crosslink density, Fourier transform infrared spectroscopy spectra, X-ray photoelectron spectroscopy spectra, Mooney viscosity, curing characteristics, dynamic rheology, tensile properties, and surface morphology. The results demonstrate that the extruder can effectively break up crosslinked structure of ground tire rubber to achieve high devulcanization level (characterized by sol fraction and crosslink density), which is mainly associated with its moderate shear strength. The balance between mechanical properties and processability for the DGTR samples was analyzed. Lower ratios of main-chain to crosslink scission and good processability (mainly characterized by modest Mooney viscosity) for the DGTR samples, and high tensile strengths and elongations at break for the RDGTR samples are obtained via appropriately combining the barrel temperature and screw speed. High quality DGTR sample with tensile strength and elongations at break of up to 11 MPa and 370%, respectively, is prepared under the conditions used in this work.