The C19400 alloy strip used for etching lead frames was studied, and the evolution law of its mechanical properties, residual stress, and microstructure under the ultrasonic vibration and tensile stress treatment was studied. The influence mechanism of ultrasonic vibration and tensile stress on the strength and residual stress of C19400 alloy was determined. The results show that high strength, high conductivity and low residual stress of C19400 alloy can be obtained under the coupling effect of ultrasonic vibration and tensile stress. The tensile strength is 430.57 MPa, the electrical conductivity is 57.73 % IACS, the transverse direction residual stress is −1 MPa, and the rolling direction residual stress is −21 MPa, and the residual stress relief rates are 97 % and 68 %, respectively. Under the coupling effect of alternating load and tensile stress, dislocations are annihilated and reorganized, the dislocation configuration tends to be uniformly arranged, and the dislocation density decreases. Compared with the original cold rolled state, the proportion of high angle grain boundaries of the alloy is slightly increased, and the texture strength is significantly reduced. These results have guiding significance for producing high strength, high conductivity and low residual stress of C19400 alloy.