The microstructure evolution and properties of a Cu-Cr-Ag alloy during continuous extrusion and an aging process were studied by Scanning Electron Microscope (SEM) and Transmission Electron Microscope (TEM). Owing to strong shear deformation that happened during continuous extrusion with working temperatures of 450 to 480 °C, a larger number of fine grains were obtained. Both face-centered cubic (FCC) and body-centered cubic (BCC) precipitates simultaneously existed in the matrix when aged for 450 °C for 2 h, and the Cr phases with BCC structure had an N-W relationship with the matrix. After continuous extrusion, 60% cold deformation, 875 °C × 1 h solid solution treatment, 60% cold deformation, 450 °C × 2 h aging treatment, and 70% cold deformation, the Cu-Cr-Ag alloy acquired excellent comprehensive properties: tensile strength of 494.4 MPa, yield strength of 487.6 MPa, and electrical conductivity of 91.4% IACS.