Cu–Cr-based alloys exhibit excellent electrical conductivity and strength, but their poor thermal stability limits their application in industry. In this paper, Cu–0.2Cr (at. %) and Cu–0.2Cr–0.12Ag (at. %) alloys were prepared to study the effect of Ag on the properties, microstructure, and thermal stability of the Cu–Cr alloy. Microstructure and precipitation were observed by an optical microscope (OM) and a transmission–electron microscope (TEM). After cold-drawing by 99.9% and aging at 450 °C for 2 h, the peak hardness and electric conductivity of the Cu–Cr alloy were 120.3 HV and 99.5% IACS, respectively, and those of the Cu–Cr–Ag alloy were 135.8 HV and 98.3% IACS, respectively. The softening temperature of the Cu–Cr alloy was 500~525 °C, and that of the Cu–Cr–Ag alloy was about 550 °C. The creep strains of the Cu–Cr and Cu–Cr–Ag alloys at 40 MPa and 400 ℃ for 50 h were 0.18% and 0.05%, respectively. Ag elements improved the thermal stability of the Cu–Cr alloy. Recovery and recrystallization occurred before the coarsening of precipitates during the softening process. Ag atoms mainly improved the softening resistance of the alloy by delaying recrystallization, and mainly increased creep resistance by preventing the increase in mobile-dislocation density.