The tensile strength evolution and strengthening mechanism of Cu–Fe in-situ composites were investigated using both experiments and theoretical analysis. Experimentally, the tensile strength evolution of the in-situ composites with a cold deformation strain was studied using the model alloys Cu–11Fe, Cu–14Fe, and Cu–17Fe, and the effect of the strain on the matrix of the in-situ composites was studied using the model alloys Cu–3Fe and Cu–4.3Fe. The tensile strength was related to the microstructure and to the theoretical strengthening mechanisms. Based on these experimental data and theoretical insights, a mathematical model was established for the dependence of the tensile strength on the cold deformation strain. For low cold deformation strains, the strengthening mechanism was mainly work hardening, solid solution, and precipitation strengthening. Tensile strength can be estimated using an improved rule of mixtures. For high cold deformation strains, the strengthening mechanism was mainly filament strengthening. Tensile strength can be estimated using an improved Hall–Petch relation.