Cu-10Fe-3Ag in situ composites containing (0–0.30%) Ce elements were prepared by cold drawing and intermediate heat treatments. Microstructure was observed, and mechanical properties and electrical conductivity were measured for alloys at various drawing strain ratio. Adding Ce element could reduce the size of primary Fe and Cu dendrites of Cu-10Fe-3Ag. Ultimate tensile strength increased but electrical conductivity decreased with the increase of drawing strain. Ce additions in Cu-10Fe-3Ag slightly increased the strength at low strain and effectively improved the conductivity at high strain. Both strain hardening rate and conductivity loss of Cu-10Fe-3Ag containing Ce were reduced at lower strain than Cu-10Fe-3Ag.