The 2195 alloys prepared by traditional casting and spray forming technology were investigated by using X-ray diffraction, X-ray microscopy, electron probe microanalyser, scanning electron microscopy, transmission electron microscopy and tensile testing. The results show that the as-cast alloy consisted of large-scale grains with small amount of pores, while the as-sprayed alloy is composed of mainly fine equiaxed grains with abundant pores. In the grain boundary, continuous secondary phases (Al–Cu–Mg phase, Al–Cu phase, and Al–Cu–Fe phase) exist in the as-cast alloy, while semi-continuous/discontinuous secondary phases (Al–Cu phase and Al–Cu–Fe phase) present in the as-sprayed alloy. The main phases in the grain interior of the as-cast alloy are T1 (Al2CuLi), TB (Al7·.5Cu4Li) and σ (Al5Cu6Mg2) phases while T1 and TB phases for the as-sprayed alloy. The same homogenization treatment shows more solute contents dissolved in the spray formed 2195 alloy. The as-sprayed alloy has advantage of 35% in ultimate strength, 26% in yield strength and 54% in elongation compared to the as-cast alloy, respectively. This detailed studies manifest that subsequent processes of deformation and heat treatment for spray formed alloy need to be tailored based on its featured microstructure, compared with that of traditional cast alloy.