Aging treatment of Cu-17Fe alloy was investigated by a vacuum heat treating furnace in high magnetic furnace. The microstructures were documented using scanning electron microscopy (SEM). The solid solubility of Fe in Cu matrix was analysed by energy spectrometer (EDS). The mechanical properties were measured with a Vickers hardness tester. The electrical conductivity was measured with a micro-ohmmeter. The results showed that high magnetic field can promote spheroidization of the Fe dendrites, the spheroidization intensifies and the solid solubility decreases with the increasing magnetic induction intensity of the high magnetic field exerted to the alloy, the solid solubility of Fe is minimum when the magnetic induction intensity is 10T at 500°C during precipitation. And Cu-17Fe alloy has a good strength/conductivity combination of 110Hv/63%IACS after aging treatment of 10T at 500°C for 1h.