The paper presents the results of studies on the effects of heat treatment and cold-work parameters on the mechanical properties and microstructure of the tungsten heavy alloy (WHA) with the composition W91-6Ni-3Co. Tungsten heavy alloy (WHA) is used in conditions where strength, high density, and weight are required. The material for testing as rod-shaped samples was produced by the method of powder metallurgy and sintering with the participation of the liquid phase and then subjected to heat treatment and cold swaging. The study compares the effect of degree deformation on the strength, hardness, microhardness, and microstructure of WHA rods. The conducted tests showed that heat treatment and cold-work allowed to gradually increase the strength parameters, i.e., tensile strength σuts, yield strength σys, elongation ε, hardness, and microhardness. These processes made it possible to increase the tensile strength by over 800 MPa (from the initial 600 MPa after sintering to the final value of over 1470 MPa after heat treatment with cold swaging deformation with reduction of 30%) and the hardness from 32 to 46 HRC.