Effect of aging treatment on microstructure and fracture morphology of rolled Al-5Fe based alloy was investigated. The results show that after solution and aging treatment,the spherical Mg2Si phase and lumpy Al-Si-Mn-Fe phase and Al-Si-Mn-Fe-Mg phase is precipitated in the matrix of the rolled Al-5Fe based alloy. The β phase precipitated continuously at grain boundary with the increase of aging time and the solute atoms and vacancies are absorbed in the vicinity of the β phase,so a none-precipitating zone is thus formed, which reduced the alloy properties. The fracture mode of the combination of dimple fracture and intergranular fracture is observed in the fracture analysis of the alloy after aging treatment. The brittle particles at the fracture center of tensile sample are the fracture origin.