The field of artificial intelligence and integrated circuits is experiencing rapid development, particularly in the area of highly integrated and miniaturized components, in which Cu-Ag alloys, as a typical lead frame material, play a crucial role. However, current research is primarily focused on low Ag content alloys, and there are few studies on the regulation of the microstructure and mechanical properties of high Ag content Cu-Ag alloys. This limitation hindered the development and utilization of the high Ag content Cu-Ag alloys. In this study, the microstructure and mechanical properties of Cu-28Ag (wt. %) alloy after room temperature and cryogenic rolling were investigated. It was demonstrated that the cryogenic rolling yielded better surface quality, an enhanced dendrite refinement effect, and a more distinct layer structure compared to room temperature rolling. The conductivity of the alloy decreased after cryogenic rolling due to increased electron scattering within the Cu matrix. The tensile strength improved, but the elongation decreased. Specifically, at a deformation amount of 95%, the alloy exhibited an ultimate tensile strength, yield strength, and elongation of 640 MPa, 631 MPa, and 1.9%, respectively. This strengthening was mainly attributed to the refinement of grains, the presence of dislocations, and precipitation. Furthermore, the samples subjected to liquid nitrogen rolling at a deformation amount of 95% exhibited improved homogeneous deformation capacity, which was attributed to grain size refinement, uniform distribution of high-density dislocations, deformation structure, and heterogeneity-induced deformation enhancement.