Cu–15Ni–8Sn alloy is the best choice to replace beryllium bronze alloy. This alloy has unparalleled application value in aerospace, ocean engineering, electronic information, equipment manufacturing, and other fields. However, the application of Cu–15Ni–8Sn alloy is challenged and limited because of a series of problems in its preparation and processing, such as easy segregation, difficult deformation, and discontinuous precipitation. It is an effective way to improve the comprehensive properties of Cu–15Ni–8Sn alloy using alloying design and process optimization to control the as-cast, deformed, and heat-treated microstructures. At present, it is a hot spot for scholars to study. In this paper, the grade generation, system evolution, and preparation technology development of Cu–15Ni–8Sn alloy are comprehensively reviewed. The phase transformation sequence of the Cu–15Ni–8Sn alloy is discussed. The influence of the type, amount, and existing form of alloying elements on the strength of Cu–15Ni–8Sn alloy and its mechanism are systematically summarized. Furthermore, the latest research progress on the effects of solid solution, cold deformation, and aging on the phase structure transformation and mechanical properties of Cu–15Ni–8Sn alloy is summarized. Finally, the future development trend of the Cu–15Ni–8Sn alloy is projected. The research results of this paper can provide a reference for the control of the microstructure and properties of high-performance Cu–15Ni–8Sn alloys used in key fields, as well as the optimization of the preparation process and alloy composition.