Deformation behavior, microstructure and mechanical properties of Al–Cu–Yb(Gd)–Mg–Mn–Zr alloy sheets are investigated. Based upon results of processing maps, optimum regimes for thermomechanical treatment at temperatures of 490–540°C and speeds of 0.01–1 sec –1 are determined. Annealing of cold-rolled sheets at temperatures up to 180°C leads to predominance of a strengthening effect due to aging over weakening from polygonization. Annealing of alloy sheets for 1 h at 400°C forms a partly recrystallized structure with a clear reduction in hardness from 145 HV to 75 HV. After 2 hours of annealing at 150°C, alloy combines a high yield strength of 412–417 MPa, a tensile strength of 441–449 MPa, and a good relative elongation of 2.7–3.2%. Sheet hardening followed by aging makes it possible to increase ductility by up to 5–8%, while the yield strength is 300–306 MPa with tensile strength of 364–389 MPa.