In-situ synthesized carbon nanotubes (CNTs) reinforced aluminum–copper (Al–Cu) composites have been prepared by powder metallurgy. The strengthening effect of CNTs reinforcement and precipitation hardening of Al–Cu matrix has been investigated. CNTs and Cu nanoparticles are homogeneously embedded into Al powders through the process of in-situ preparation and ball milling. XRD results show that Cu elemental phase is converted to Al2Cu phase during the procedure of sintering. Raman spectra indicate that CNTs could maintain its structural integrity during powder metallurgy. In T6 heat treatment, the aging time of peak hardness has been reduced from 9h to 3h, demonstrating accelerated aging of the composite. Besides, the ultimate tensile strength of CNTs/Al–Cu composites have a 33.9% increase compared with that of Al–Cu alloy, and a further increase could be achieved (20.3%) after T6 heat treatment. The strengthening mechanism of CNTs/Al–Cu composites combines two synergistic factors: CNTs reinforcement and precipitation hardening of Al–Cu alloy.