The crystallography and morphology of precipitate particles of Cu-Cr-Zr alloys with varying Zr contents were studied by transmission electron microscopy (TEM) after solution treatments at 950 °C for 1 h and aging treatments at 500 °C for different times ranged from 0.5 h to 24 h. The microhardness and electrical conductivity of Cu-Cr-Zr alloys after various aging process were tested. The results show that the microhardness and electrical conductivity rapidly increased at first, then the microhardness decreased slowly after reaching the peak, while the conductivity continues to increase. Nano-scaled precipitates exhibit two kinds of morphology (coffee bean and ellipse shaped). With increasing Zr content, the Zr-containing precipitation sequence of Cu-Cr-Zr alloys at peak-ageing is Heusler CrCu2Zr → Cu5Zr → Cu4Zr. The Heusler CrCu2Zr phase decomposed into fine and homogeneous Cr and Cu4Zr, resulting in improved alloy properties.