Mo, Zr, and Y with low diffusion coefficients in Al matrix were used to improve the high-temperature properties of the Al–5.8Cu–0.3Mn–0.2Mg alloy. The effects of these microalloying elements on the microstructures of the Al–5.8Cu–0.3Mn–0.2Mg alloy were investigated with the aid of optical microscopy and high-resolution transmission electron microscope (HRTEM). The HRTEM images and selected area electron diffraction patterns indicated that L12-Al3(Zr, Y), Al3Zr, Al3Y, and Al12Mo could precipitate in the process of solid solution treatment after adding Mo, Zr, and Y. These Mo-, Zr-, and Y-containing precipitates were stable at high temperatures and could slow the coarsening rate of θ′ precipitates at high temperatures. The tensile strength of the Al–5.8Cu–0.3Mn–0.2Mg alloy modified by Mo, Zr, and Y microalloying elements was improved significantly at both room and high temperatures. The strengthening mechanisms were discussed in detail.