In response to the current technical problem of balancing electrical conductivity, mechanical properties, cost and die-casting fluidity of cast aluminum alloys, a novel Al-Fe alloy was investigated with gradient Fe contents to maximize mechanical properties while maintaining a high electrical conductivity. The microstructure, high-temperature stability and different heat treatment processes were also examined. The results suggest that Al-(0.25%~3.0%)Fe-0.02%B(mass fraction) alloys exhibit good casting fluidity. Adding Fe could significantly improve the mechanical properties but slightly lower the electrical conductivity, as the strength increases by 130%, but the electrical conductivity decreases by 17% when the Fe content varies from 0.25% to 3.0% . The electrical conductivity and mechanical strength both slightly decrease in a high-temperature environment with decent stability. Aging treatment slightly improves both the electrical conductivity and strength by approximately 1.4%IACS and 7 MPa, respectively. The Al-Fe alloy should be a promising candidate for a high conductivity, middle strength, low-cost die-casting material.