The microstructural evolution in an Al - Cu - Mg - Ag alloy with trace Zr addition during homogenization treatment was characterized by Differential Scanning Calorimetry (DSC), Scanning Electron Microscopy (SEM) and Energy-dispersive X-ray Spectroscopy (EDS). It was shown that the low-melting-point phase segregating toward grain boundaries is Al 2 Cu , with a melting point of 523.52°C. A two-step homogenization process was employed to optimize the microstructure of the as-cast alloy, during which the alloy was first homogenized at a lower temperature, then at a higher temperature. After homogenized at 420°C for 6 h, Al 3 Zr particles were finely formed in the matrix. After that, when the alloy was homogenized at an elevated temperature for a longer time, i.e., 515°C for 24 h, most of the precipates at the grain boundaries were removed. Furthermore, the dispersive Al 3 Zr precipitates were retained, without coarsening greatly in the final homogenization step. A kinetics model is employed to predict the optimal homogenization time at a given temperature theoretically, and it confirms the result in present study, which is 420°C/6h+515°C/24h.