Cu-Fe-Cr-Ni in-situ composite wires were manufactured by inductive melting, casting, hot rolling and heavily cold drawing. The structure and morphology were analyzed by XRD, SEM and TEM. The magnetic properties were examined by vibrating sample magnetometer. With the ferrite fibers are fined down to submicrometer, obvious magnetic anisotropy and the Perminvar effect were found along the axis of wires. After deformation of higher amount, the rectangle degree increases gradually to a value of 0.33 at η=10.11