Cu-Ni-Si alloys are widely used in lead frames and vacuum devices due to their high electrical conductivity and strength. In this paper, a Cu-Ni-Co-Si-Cr-(Ce) alloy was prepared by vacuum induction melting. Hot compression tests of the Cu-Ni-Co-Si-Cr and Cu-Ni-Co-Si-Cr-Ce alloys were carried out using a Gleeble-1500 simulator at 500–900 °C deformation temperatures and 0.001–10 s⁻¹ strain rates. The texture change was analyzed by electron backscatter diffraction. The fiber component dominated the texture after compression, and the texture intensity was reduced during recrystallization. Moreover, the average misorientation angle φ for Cu-Ni-Co-Si-Cr-Ce (11°) was lower than that of Cu-Ni-Co-Si-Cr (16°) under the same conditions. Processing maps were developed to determine the optimal processing window. The microstructure and precipitates of the Cu-Ni-Co-Si-Cr and Cu-Ni-Co-Si-Cr-Ce alloys were also analyzed. The average grain size of the Cu-Ni-Co-Si-Cr-Ce alloy (48 μm) was finer than that of the Cu-Ni-Co-Si-Cr alloy (80 μm). The average size of precipitates in the Cu-Ni-Co-Si-Cr alloy was 73 nm, while that of the Cu-Ni-Co-Si-Cr-Ce alloy was 27 nm. The addition of Ce delayed the occurrence of dynamic recrystallization.