Due to the high Sn content and the presence of a hardness and brittleness δ-Cu41Sn11 phase in the solidification structure, Cu-10Sn-3Pb-4Ni alloys have high strength, hardness and wear resistance, allowing them to be widely used in high-speed sliding friction scenarios. This article reports a comparative study of a Cu-10Sn alloy prepared by vacuum induction melting with the addition of a Cu-10P deoxidizer. The microstructure and mechanical properties of the Cu-10Sn-3Pb-4Ni alloy were tested and characterized using optical microscopy and X-ray and fluorescence inspections. The results show that after adding 0.05 wt.% Cu-10P as a deoxidizer, the microstructure of the ingot becomes more uniform, the growth of dendrites becomes more sufficient, and the growth of the δ phase is inhibited. The tensile strength of the edge in the ingot increases from 323 MPa to 342 MPa, and the elongation after fracture increases from 12.5% to 16.5%. The tensile strength of the core in the ingot increases from 300 MPa to 324 MPa, and the elongation after fracture increases from 11% to 19%.