We have measured first-order reversal curves (FORCs) for Fe-1wt%Cu alloy thermally aged at 753 K up to 20000 min. While hardness exhibits a maximum at around 1000 min, reflecting the formation and growth of Cu precipitates, major-loop coercivity monotonically decreases and becomes almost constant above 100 min.; an increase of coercivity associated with Cu precipitation is masked by a large decrease due to recovery. On the other hand, FORC diagrams exhibit two distribution peaks at low and high switching fields after aging. While the former shifts towards a lower switching field after aging, reflecting recovery, the latter shows up after aging up to ∼1000 min, possibly due to the formation of Cu precipitates. These observations demonstrate that FORCs are useful to separately evaluate competing microstructural changes in thermally aged Fe-Cu alloy where recovery and Cu precipitation take place simultaneously.