The microstructure of Cu-Mg-P alloy sheet consisted of Cu matrix and very fine MgP precipitate, and it has been observed that the microstructure remains virtually unchanged by Ag additions up to 2%. Ag solutes were dissolved into the matrix and hardly found in the precipitates. The hardness increased with increase of the Ag content, while the conductivity slightly decreased. Strain hardening through cold rolling was found to be effective in improving the hardness, especially in high-Ag alloys. Aging treatment was conducted either before the first cold rolling or between the first and the final cold rolling, and the conductivity was significantly higher at the former case, regardless of the Ag content. Softening of Cu-Mg-P alloy sheet was remarkable above $400^{circ}C$ and the Ag content did not show any significant effect on it.