Cu-14Fe-0.05C alloy was prepared by using the vacuum melting process and then multipass drawing deformation was performed. After that, the alloy in the as-drawn state was annealed. Based on this, the influence of annealing temperature on microstructure, mechanical performance and electrical conductivity of the alloy was studied. The results showed that the speed of recovery and recrystallization of the as-drawn Cu-14Fe-0.05C alloy accelerates and iron-rich fibers gradually become slender, bend and fracture, with the increase of annealing temperature. The tensile strength of the alloy constantly decreases, while elongation continuously rises and resistivity gradually reduces. With the extension of annealing time, tensile strength and resistivity of the Cu-14Fe-0.05C alloy gradually decreases, while elongation gradually increases.