To refine thick and brittle needle-like or sheet-like iron-rich phase in Al-Fe-based alloy, electromagnetic cast and solid extrusion were adopted for the preparation of billet of rolled alloy Al-5%Fe-1.2%Si-1%Mg-0.6%Cu-0.5%Mn. Studies were made of the effect of rolling process on the microstructure and mechanical properties especially on the mechanical properties at high temperature. The hot deformation behavior of Al-Fe alloy was simulated at the strain rate of 0.01s-1 to 10s-1 and the temperature between 783K and 693K. The results indicate that there is significant steady-state rheological feature on the alloy’s high temperature deformation and the flow stress is sensitive to strain rate and temperature. The tensile strength of the alloy can reach 348MPa at 150°C and 170 MPa at 300°C but with a drop of around 40% than that at room temperature, indicating that heat resistance of the alloy is better at 150-200°C, the strength simulated long at 80°C can reach 275MPa, with rather good thermal stability.