Effect of aging treatment on microstructure and properties of Cu-Cr-Ag alloy fabricated by up-drawn continuous casting and continuous extrusion are investigated by scanning electron microscopy (SEM) and transmission electron microscopy (TEM). The results show that the grains were refined significantly, with an average size of 4～5 μm, when the cast rob was processed during the continuous extrusion. The relation curve between Vickers hardness and aging time firstly rapid decrease, then quickly raise, finally slowly decrease and the electrical conductivity firstly rapid increase, then slowly raise, finally trended to stable as the aging time rise, when the Cu-Cr-Ag alloy was solutioned at 875℃ for 1h, 60% cold deformation and aged at 450℃ for different time, respectively. The precipitation sequence of Cu-Cr-Ag alloy aged at 450 ℃ is supersaturated solid sloution→G.P zones→fcc Cr phase→order fcc Cr phase→bcc Cr phase. The orientation relationship between bcc Cr precipitates and the matrix exhibit NW-OR