This research investigates the effects of natural aging and cold working prior to artificial aging on microstructures and mechanical properties of Al-4.6Cu-0.5Mg-0.5Ag alloy. Mechanical properties relative to microstructure variations were elucidated by the observations of the optical microscope (OM), differential scanning calorimeter (DSC), electrical conductivity meter (pct IACS), and transmission electron microscopy (TEM). The results showed that natural aging treatment has little noticeable benefit on the quantity of precipitation strengthening phases and mechanical properties, but it increases the precipitation strengthening rate at the initial stage of artificial aging. Cold working brings more lattice defects which suppress Al-Cu (GP zone) and Mg-Ag clustering, and therefore the precipitation of Ω phase decreases. Furthermore, more dislocations are formed, leading to precipitate the more heterogeneous nucleation of θ′ phase. The above-mentioned precipitation phenomena and strain hardening effect are more obvious with higher degrees of cold working.