The superplastic behavior and deformation mechanism of a heat-resistant Al–Cu–Mg–Ag–Mn alloy prepared by ingot metallurgy was investigated by using optical microscopy, scanning electron microscopy and transmission electron microscopy. It is shown that the Al–Cu–Mg–Ag–Mn alloy shows good superplastic properties at temperatures higher than 450 °C and strain rates lower than 10 −2 s −1. A maximum elongation-to-failure of 320% was observed at 500 °C and 5 × 10 −4 s −1, where the corresponding strain rate sensitivity index m is 0.58 and the flow stress σ is 5.7 MPa. Microstructure studies revealed that the observed superplastic behavior resulted from severe grain elongation rather than grain boundary sliding. It is suggested that this phenomenon may provide a new concept for developing superplastic materials.