The present study focused on the tensile properties at ambient and high temperatures of alloy 354 without and with the addition of zirconium. Tensile tests were performed on alloy samples submitted to various aging treatments, with the aim of understanding the effects of the addition made on the tensile properties of the alloy. Zirconium reacts only with Ti, Si, and Al in the alloys examined to form the phases (Al,Si)2(Zr,Ti) and (Al,Si)3(Zr,Ti). Testing at 25°C reveals that the minimum and maximum quality index values, 259 and 459 MPa, are observed for the as-cast and solution heat-treated conditions, respectively. The yield strength shows a maximum of 345 MPa and a minimum of 80 MPa within the whole range of aging treatments applied. The ultimate tensile and yield strength values obtained at room temperature for T5-treated samples stabilized at 250°C for 200 h are comparable to those of T6-treated samples stabilized under the same conditions, and higher in the case of elevated-temperature (250°C) tensile testing. Coarsening of the strengthening precipitates following such prolonged exposure at 250°C led to noticeable reduction in the strength values, particularly the yield strength, and a remarkable increase in the ductility values.