Cu-Ag-Zr　alloy　was　prepared　by　means　of　a　vacuum　induction　melting.　By　means　of　the　analysis　of　microhardness,　electrical　conductivity,　and　transmission　electron　microscopy,　the　aging　property　of　the　Cu-Ag-Zr　alloy　was　investigated　at　different　aging　temperatures　and　time　under　different　cold　deformation.　It　is　observed　that　the　Cu-Ag-Zr　alloy　has　an　excellent　combination　of　microhardness　and　electrical　conductivity　aged　at　450°C　for　4h,　the　microhardness　and　the　electrical　conductivity　reach　126　HV　and　84.4%IACS,　respectively.　Cold　deformation　prior　to　aging　can　accelerate　the　precipication　of　the　second　phase,　and　improve　the　properties　of　the　Cu-Ag-Zr　alloy.　Aging　at　450°C　for　0.5　h　after　80%　cold　deformation,　microhardness　and　electrical　conductivity　of　the　Cu-Ag-Zr　alloy　can　reach　134　HV　and　84.6%IACS,　respectively.