Abstract: The Fe-40.9Ni-4.1Al-1.9V-1.8W-0.82C alloy was fabricated by vacuum induction melting, hot forging and hot rolling. The alloy was successively subjected to solution, cold rolling with different reduction rates (10%, 20%, 30%) and aging treatment (550 ℃×48 h). The effects of cold rolling reduction rate and aging treatment on microstructure and properties of the alloy were investigated. The results show that after cold rolling and aging treatment, the precipitates in test alloy were mainly (V,W) C composite carbides with a face-centered cubic structure. The nickel and aluminum elements were uniformly distributed in the matrix and no NiAl intermetallic compounds were observed. With the increase of cold rolling reduction rate, plane slip traces and dislocation-like cell structures appeared in the test alloy, carbides became coarser, the number of carbides increased, and the hardness increased but the rate of increase became slower. With the increase of cold rolling reduction rate, the yield and tensile strengths of the test alloy increased and the elongation after fracture decreased. The coefficient of linear expansion of the test alloy with 30% cold-rolling reduction rate was lower than that without cold rolling treatment, but did not meet the application requirement (less than 9.0 × 10⁻⁶ K⁻¹ at 400 ℃).