The relationship between microstructure and mechanical properties is studied for eutectoid Zn-22Al (wt.%) alloys modified with Cu and Ag. Three alloys with a Cu content of 2 wt.% and varying amounts of Ag were cast and hot-extruded. Different microstructural characteristics were induced by heat treatments: natural aging, artificial aging and furnace cooling. Structural and microstructural characterizations were carried out with X-ray diffraction and scanning electron microscopy. Mechanical properties were determined by tensile testing. Dilatometry was used for determining the effects of composition on the transformation points. The addition of Ag increased the ε phase fraction and provided solid solution strengthening, improving the mechanical strength and reducing ductility. Ag additions also displaced the eutectoid reaction to higher temperatures. The microstructure of the matrix has proven to have a strong impact on mechanical properties. The naturally aged specimens presented the highest ductility and tensile strength; however, these properties are severely affected by aging. Lamellar microstructures present the lowest ductility and values of tensile strength between those of the natural and artificially-aged specimens.