In order to investigate the effect of plastic deformation and annealing process parameters on strength and electrical conductivity of Cu-Fe alloys, Cu-10wt%Fe, Cu-15wt%Fe alloys were drawn up to ${\eta}=4$ and annealed in the temperature range of $300^{\circ}C$ to $700^{\circ}C$, followed by measurements of tensile strength and electric conductivity. As draw strain increases, tensile strength increases while electrical conductivity decreases. These observations result from reduction of dislocation density and decrease in Fe fiber spacing. Raising annealing temperature brought about decrease of tensile strength and increase of electrical conductivity up to $500^{\circ}C$, being followed by decreasing above $500^{\circ}C$. Such results are thought to be caused by decrease of dislocation density below $500^{\circ}C$ and rapid solubility increase of Fe in Cu above $500^{\circ}C$. For the purpose of obtaining both high strength and high conductivity, annealing process should be incorporated just prior to reaching to final draw strain. For Cu-10wt%Fe alloy, the tensile strength 706.9 MPa and the electrical conductivity 54.34%IACS were obtained through the processes of drawing up to ${\eta}=3$, annealing at $500^{\circ}C$ for 1 hour and additional drawing up to total strain of ${\eta}=4$.