Aluminium bronzes are widely used in various industries because of their unique properties, a combination of high strength, wear resistance, and corrosion resistance in aggressive environments, including seawater. In this study, the subject of comprehensive experimental research was Cu-10Al-5Fe iron-aluminium bronze (IAB) with β-transformation, received in the form of hot-rolled bars. The effects of different heat treatments (HT) and severe surface plastic deformation (SPD), conducted by diamond burnishing (DB) on the microstructure, surface integrity (SI), mechanical properties, low- and mega-cycle fatigue strength, and dry sliding wear resistance, were determined. Based on quantitative indicators, the applied heat treatments in combination with severe SPD were compared. Thus, the integral efficiency of the heat treatments was evaluated, and the heat treatments were correlated with the resulting properties and operational behaviour of Cu-10Al-5Fe IAB. For example, if the component is designed for rotational bending conditions, the combination of quenching at 920 °C in water, subsequent tempering at 300 °C for three hours, and DB provides maximum fatigue strength in both low-cycle and mega-cycle fatigue applications.