The stress relaxation resistance of a Cu–Ni–Si alloy strip after 48 h of initial loading stress of 80% σ0.2 at 125 °C was studied. The stress relaxation curve was fitted using a model. By employing EBSD, TEM, and other techniques, this study examined the microstructural characteristics of the Cu–Ni–Si alloy strip before and after stress relaxation. This study investigated the stress relaxation mechanism of the alloy and revealed that the stress relaxation rate of the Cu–Ni–Si alloy strip was 10.82% after 48 h at 125 °C. The stress relaxation process of the alloy strip was divided into two main stages. During the first stage, there was a significant rearrangement and movement of dislocations within the alloy strip, leading to a rapid decline in the remaining stress. In the second stage, the interaction among the Ni2Si phase, twins and dislocations led to a slow decrease in the remaining stress. After the stress relaxation of the alloy strip, the precipitated phase in the microstructure grew from 67 nm to 200 nm, the recrystallization microstructure increased from 57.91% to 62.42%, and the twin boundary content decreased from 22.1% to 18.5%. These observed changes in the microstructure are anticipated to further reduce the stress relaxation resistance of the alloy strip.