A short process without solution treatment was developed to manufacture Cu-2.3Fe-0.03 P alloy strips. After hot rolling-quenching and cold rolling with 80% reduction, the alloy exhibited excellent resistance to recrystallization softening. The hardness and electrical conductivity of Cu-Fe-P alloy under different thermomechanical treatments were measured by hardness tester and double bridge tester, respectively, and the microstructure of the alloy was examined by optical microscopy and transmission electron microscopy. The results show that the finished product of Cu-2.3Fe-0.03 P alloy was strengthened by work hardening, while the Fe precipitates with the size of about 25 nm stabilized the cold rolled structure. The conductivity decreased during cold rolling, especially for the pre-aged specimens, because the fine precipitates with the size smaller than 5 nm re-dissolved easily into the matrix. A Cu-Fe-P alloy with an electrical conductivity of 66% IACS and a hardness of HV 134 can be gained.