The effect of 0.2%Cr addition on the structure, phase composition, and mechanical properties of the novel cast and wrought Al-2.5Zn-2.5Mg-2.5Cu-0.2Zr-Er(Y) alloys were investigated in detail. Chromium is distributed between primary crystals (5.7–6.8%) of the intermetallic phase and the aluminum solid solution (0.2%) (Al). The primary crystals contain for the main part Cr, Ti, Er(Y). The experimental phase composition is in good correlation with the thermodynamic computation data. The micron-sized solidification origin phases (Al8Cu4Er(or Y) and Mg2Si) and supersaturated (Al) with nano-sized Al3(Zr,Ti) and E (Al18Mg3Cr2) precipitates are presented in the microstructure of the novel alloys after solution treatment. The nucleation of η (MgZn2) (0.5%), S (Al2CuMg) (0.4%), and T (Al,Zn,Mg,Cu) (8.8%) phase precipitates at 180 °С, providing the achievement of a maximum hardness of 135 HV in the Al2.5Zn2.5Mg2.5CuYCr alloy. The corrosion potential of the novel alloy is similar to the Ecor of the referenced alloy, but the corrosion current density (0.68–0.98 µA/sm2) is still significantly lower due to the formation of E (Al18Mg3Cr2) precipitates and S phase precipitates of the aging origin, in addition to the T phase. The formation of E (Al18Mg3Cr2) precipitates under the solution treatment provides a lower proportion of recrystallized grains (2.5–5% vs. 22.4–25.1%) and higher hardness (110 HV vs. 85–95 HV) in the Cr-rich alloys compared to the referenced alloys. Solution treated, hot and cold rolled, recrystallized, water quenched and aged at 210 °С alloys demonstrate an excellent microstructure stability and tensile properties: YS = 299–300 MPa, UTS = 406–414 MPa, and El. = 9–12.3%.