The effect of adding iron element in tin bronze on the microstructure and properties of Cu-Sn-Fe-P alloy is studied by means of phase diagram calculation and microstructure observation. The work hardening curve of Cu-Sn-Fe-P alloy is plotted by cold deformation of the alloy with different reduction rates. The test and microstructure observation are conducted for tensile strength and ductility of the alloy sample annealed at different temperatures, so as to determine the recrystallization temperature of the alloy. The results show that the addition of iron element plays a significant role in grain refinement and improves the subsequent working performance. After the cold rolling deformation, an obvious work hardening effect is imposed on the alloy. With the increase of the deformation, the alloy presents a trend of increasing first and then becoming stable in the tensile strength, while a reverse trend in ductility. Cu-Sn-Fe-P alloy has a softening resistance equivalent to that of QSn6.5-0.1 high-tin bronze, both of which will be softened at 400ºC; therefore, Cu-Sn-Fe-P alloy can replace QSn6.5-0.1 alloy at high temperature.The present study proposes how to maintain the original properties of the tin-phosphorous bronze alloy while reducing the content of the tin, and achieve the more effective industrialized production.