The Al-Cu-Mg-Ag heat-resistant alloy were prepared by ingot metallurgy technology. Effects of serve plastic deformation on microstructure and mechanical properties of the alloy were investigated by microscopy, differential scanning calorimetry and hardness tester. It has been shown that serve plastic deformation in the solid solution and quenching state with aging treatment was found to be quite effective in refining the grains to 2 mu m, and improving the mechanical properties and heat-resistant properties of the extruded Al-Cu-Mg-Ag alloy. Serve plastic deformation treatment accelerates the aging hardening process of the extruded alloys, increases the density of precipitate phase.