The composition of Cu-Fe-P alloy（Cu-2.5Fe-0.12Zn-0.03P-0.05Mg-0.05Cr-0.05RE）was designed by micro-alloying method.Microstructure of the alloy was observed by OM（optical microscope）and HRTEM,and tensile strength,elongation and electric conductivity of the alloy were examined.The results reveal that at a given experiment condition,the cold rolled alloy plates after aging at 550 ℃ for 4 h exhibit overages,in which spheroidal precipitates γ-Fe are coarsened with size in range of 50 to 100 nm,and the tensile strength,micro-hardness and electric conductivity of alloy are 482 MPa,161 and 39.7 MS/m,respectively,while the alloy exhibits under-ages after aging at 450 ℃ for 4 h,in which the size of shperoidal precipitates γ-Fe is lower than 20 nm,and tensile strength,micro-hardness and electric conductivity are 417 MPa,139 and 30.4 MS/m,respectively The alloy exhibits peak ages after aging at 550 ℃ for 2 hours and 450 ℃ for 2 hours,in which size of spheroidal precipitates γ-Fe is in range of 20 to 50 nm,and the tensile strength,micro-hardness and electric conductivity of alloy are 510 MPa,168 and 40.6 MS/m,respectively.