AlCrFeNi multi-component alloys with excellent mechanical properties have been designed and extensively investigated in recent years. The massive fabrication of sheets will be an effective way for industrial application, where hot rolling is the inevitable process. After hot rolling, the mechanical properties could be further tailored. In this study, the effects of heat treatments on a dual-phase Al17Cr10Fe36Ni36Mo1 hot-rolled plate were systematically investigated, including: (i) annealing (700 °C, 850 °C, 1000 °C and 1150 °C for 1 h, respectively), (ii) solution and single aging (1150 °C for 1 h and 700 °C for 4 h), (iii) solution and double aging (1150 °C for 1 h, 700 °C for 4 h and 650 °C for 1 h). The B2 precipitates with varied morphologies were observed in the FCC matrix of the hot-rolled alloy after a heat treatment range from 700 °C to 1000 °C for 1 h, and the BCC particles in the B2 matrix were dissolved when the heat treatment temperature was higher than 1000 °C. The hot-rolled alloy heat treated at 700 °C for 1 h had the highest yield strength, and the hot-rolled alloy treated at 1150 °C for 1 h showed the lowest yield strength. After a solution at 1150 °C for 1 h, aging at 700 °C for 4 h and 650 °C for 1 h, the L12 phase and BCC particles were precipitated in the FCC and B2 matrices, and B2 nanoprecipitates were observed around the FCC grain boundaries. The solution and double aging alloy exhibit the tensile strength of 1365.7 ± 9.5 MPa, a fracture elongation of 14.2 ± 1.5% at 20 °C, a tensile strength of 641.4 ± 6.0 MPa, and a fracture elongation of 16.9 ± 1.0% at 700 °C, showing great potential for application.