The effects of the rare earth element La on the microstructure and mechanical properties of cast Al-5.4Cu-0.7Mg-0.6Ag alloys have been investigated through metallographic observation, scanning electron microscopy analysis, transmission electron microscopy, X-ray diffraction, and tensile testing. The present form and action mechanism of La have been analyzed. The findings indicate that the inclusion of trace amounts of La markedly diminishes the grain size in the Al-Cu-Mg-Ag alloy. Furthermore, as the La content increases, the alloy's strength is significantly improved. When the La concentration reaches 0.4 wt.%, the mechanical properties of the alloy, both at room temperature and at 350 °C, surpass those of the alloy lacking rare earth elements. When the added rare earth La content exceeds 0.2 wt.%, the emergence of the Al6Cu6La phase causes the alloy structure to exhibit a skeletal morphology, altering the morphology and distribution of excess second phases along grain boundaries, thereby impacting the alloy's overall performance. Incorporating La leads to a reduction in the size of the strengthening precipitate phase Ω while also enhancing its precipitation density, but an excess of La leads to the emergence of Al6Cu6La, depleting the available Cu and suppressing the precipitation of the Ω phase, ultimately affecting the mechanical properties of the alloy.