In the present study, Mo was added to Cu–15Ni–8Sn alloy as the fourth element to solve the limitation of service performance of the alloy by composition design. The phase composition, microstructure transformation and mechanical properties of Cu–15Ni–8Sn–xMo (x = 0.3, 0.9, 1.5 wt.%) alloy were systematically studied by simulation calculation and experimental characterization. The results show that the addition of Mo can improve the as-cast structure of Cu–15Ni–8Sn alloy and reduce segregation and Cu–Mo phase precipitates on the surface with the increase in Mo contents. During solution treatment, Mo can partially dissolve into the matrix, which may be the key to improving the properties of the alloy. Furthermore, the discontinuous precipitation of Sn can be effectively inhibited by adding the appropriate amount of Mo to Cu–15Ni–8Sn alloy, and the hardness of alloy does not decrease greatly after a long-time aging treatment. When Mo content is 0.9 wt.%, the alloy reaches the peak hardness of 384 HV at 4 h of aging. These results provide new ideas for composition optimization of Cu–15Ni–8Sn alloy.