A study of the effect of rotary swaging (RS) on the microstructure and properties of the pre-extruded and pre-quenched Cu-0.5%Cr-0.08%Zr alloy was performed. RS leads to the formation of an ultrafine-grained (UFG) microstructure. UFG structure formation caused by RS increases the ultimate tensile strength (UTS) up to 443 ± 5 MPa and 597 ± 9 MPa for pre-quenched and pre-extruded alloys, respectively. Additionally, the reduction in ductility occurs after RS. It should be noted that UTS is increased for a pre-quenched alloy, while the strength of a pre-extruded alloy is dropped. The growth of UTS for the pre-quenched alloy is associated with the precipitation of fine Cr particles, whereas the recovery processes in the pre-extruded alloy induce the reduction in its UTS. An additional advantage of RS is an increase in the fatigue limit of the pre-quenched alloy up to 265 MPa, and of the pre-extruded alloy up to 345 MPa. The combination of extrusion and RS allows for the increase of the UTS of the Cu-0.5%Cr-0.08%Zr alloy up to 597 ± 9 MPa, while the levels of ductility and electrical conductivity are 10.9 ± 0.9% and 82.0 ± 1.7% IACS, respectively.