A Cu–10Fe–3Ag alloy was produced by means of induction melting. The effects of aging processes on microhardness and conductivity of Cu–10Fe–3Ag alloy were studied. The microstructure of the alloy was examined using transmission electron microscope (TEM). The results show that: presence of Ag can accelerate γ-Fe precipitation from in the Cu matrix, but also reduces the thermal stability of Fe fibers. As the annealing temperature increasing, the microhardness and conductivity of Cu-10Fe-3Ag in-situ composite increase at first and then decrease. Annealed at 475 for 6h, the alloy has an excellent combination of microhardness and conductivity, the microhardness and conductivity reach 209HV and 58.4% IACS, respectively. The Fractures of the alloy are all ductile rupture and the dimples are smaller with the annealing temperature increasing.