Cu-0.1Fe-0.03P alloy strips were prepared by a new process of horizontal continuous casting-cold rolling-annealing. The microstructures of the strips were studied by tensile test, OM, X-ray diffraction and electron microscopy analysis. The results show that compared with the traditional preparation of hot rolling-cold rolling-annealing process, the process of horizontal continuous casting-cold rolling- annealing has no hot rolling. When the shrinkage and osteoporosis in the continuous casting can not complete the metallurgical complex during the cold-rolling process, the spots and peeling appear on the surface of products. The alloy strips prepared by the new process have slight lower tensile strength, electrical conductivity and soften temperature and higher elongation. Mechanical properties anisotropy exists in the strips prepared by the new process, thus causes the 45 direction crack when stamped.