The microstructures and tensile properties of Cu–3 wt%Ag–0.5 wt%Zr alloy sheets under different aging treatments are investigated in this research. As one kind of precipitate, Ag nanoparticles with coherent orientation relationship with matrix precipitate. However, after the peak-age point, most of Ag nanoparticles grow into short rod shape with the interface translating to semi-coherent, which leads to the lower strength of over-aging sample. The yield strength is estimated by considering solid solute, grain boundary and precipitation strengthening mechanisms. The result shows that the Ag precipitates provide the main strengthening role. Then a constitutive equation representing the evolution of dislocation density with plastic strain is built by considering work-hardening behavior coming from shearable and non-shearable precipitates which is mainly the particles containing Zr. The flow stress contributed by shearable particle hardening is higher than that of non-shearable one. Due to the coarsening of grain boundary precipitates and low rate of damage accumulation of these non-shearable particles, the micro-cracks nucleate easily at grain boundary which leads to intergranular fracture.