The dynamic aging process of Al-Cu-Mg-Ag new heat-resistant aluminum alloy was subjected to pre-aging, rolling deformation at intermediate temperature and final aging. The influence of the dynamic aging on the mechanical properties and microstructure were explored by the hardness test, tensile performance test, and combined with metallographic microstructure analysis and transmission electronic microscopy (TEM) analysis. The results show that dynamic aging can increase the age hardening rate of the alloy. As the amount of deformation increases, the peak aging time of the alloy decreases and the peak hardness increases gradually. Dynamic aging can change the morphology of the grains. The aspect ratio of the grains increases with the increase of the deformation amount, more dislocations generate and the number of the strengthening precipitations with finer size increases, leading to the larger strength of the alloy. The sample with a 50% deformation has the largest tensile strength and yield strength of 527.4 MPa and 467.0 respectively, and its elongation remains at a relatively high value of 9.1%.