Purpose: The aim of this study is to investigate the changes in hardness and microstructure of a dental multipurpose alloy after simulated complete firing with controlled cooling rate and holding time by characterizing the changes in hardness and microstructure after simulated firing with various cooling rates and holding times. Methods: Before hardness testing, the specimens were solution treated and then were rapidly quenched into ice brine. The specimens were completely fired in furnace. Hardness measurements were made using a Vickers microhardness tester. The specimens were examined at 15 kV using a field emission scanning electron microscope. Results: The maximum hardness value was obtained at stage 0 after simulated firing with various cooling rates (quick cooling, stage 0, stage 1, stage 2, stage 3). By the repetitive firing, the hardness of the tested alloy decreased gradually. By holding the specimen at $500^{circ}C$ for 10-20min after simulated firing, the hardness increased apparently. However, to hold the alloy for long periods of time in the relatively high temperature after simulated firing resulted in the formation of thick oxidation layer. The oxide film formed on the surface of the alloy after simulated complete firing with controlled cooling rate, which was mainly composed of O and Zn. Conclusion: It is reasonable to hold the alloy at $500^{circ}C$ for 10-20min after complete firing in other to improve the final hardness of the alloy.