The effects of Fe content on the evolution of microstructure and elevated-temperature mechanical properties of squeeze cast Al-Cu alloys were studied by tensile test, scanning electron microscopy(SEM) and transmission electron microscopy(TEM). The results show that the room temperature and elevated-temperature mechanical properties decrease with increasing Fe content in Al-Cu cast alloys, which attribute to the increase of volume fraction of needle-like iron-rich intermetallics and the decrease of volume fraction of precipitation particles in α(Al) matrix. The heat-resistant iron-rich intermetallics phases around the grain boundary can prevent the sliding of grain boundary at elevated temperature. As a result, the effect of Fe content on elevated-temperature mechanical properties is less sensitive than room-temperature mechanical properties. The applied pressure improves the elevated temperature mechanical properties, especially the elongation. However, the increased range of elevated temperature mechanical properties resulted by applied pressure decreases compared to the room temperature mechanical properties, and there is a peak value of elongation at elevated temperature for the squeeze cast alloys with Fe content of 0.5% (mass fraction). The results attribute to the high dense-component of squeeze cast alloys, the refinement of iron-rich intermetallics, the decrease of needle-like iron-rich intermetallics, and the refinement of grain size which leaded to the weakness of grain boundary at elevated temperature.