An advanced Cu-Fe-C alloy with dual-phase structure was prepared by combining a vacuum melting and rapid solidification. The microstructure evolution and deformation behaviors of the alloy in the as-cast and rolling states were studied by OM, SEM, TEM and XRD characterization, and mechanical property measurements. The results show that, when the moving speed of freezing interface satisfies the relationship of V_cp, both micro-scale and nano-scale Fe-C particles can uniformly distribute in the alloy matrix, but the range between V_c and V_p for micro-scale particles is much narrower than that of nano-scale particles. Due to the solution of Fe in the Cu matrix and the existence of Fe-C particles with different sizes, the Cu-Fe-C alloy in the as-cast state possesses a much higher work hardening exponent (n=0.5149). The phase transformationSof Fe-C particles from γ-Fe to α-Fe can be induced by cold rolling 80%, which can be greatly used to control and optimize the strength and deformation performance of Cu-Fe-C alloy. Although the deformability of Cu-Fe-C alloy in both the as-cast and rolling states is good, yet, compared with the cold rolling state, the alloy in the as-cast state possesses a much better coordinative deformation performance due to the FCC structure of Fe-C phases in this state. Additionally, according to the microstructure evolution and tensile fracture morphologies of Cu-Fe-C alloy with a dual-phase structure, the coordinative deformation and fracture models were put forward in this paper.