A hot-forged 2297 aluminum-lithium alloy was solution treated at 535 ℃ for 2 h then water quenched, followed by cold rolling with 95% reduction, and then aged at different temperatures (140-190 ℃) for different time (0-80 h). The effects of aging temperature and time on the microstructure and properties of the alloy were analyzed by means of tensile testing, scanning electron microscopy (SEM) and transmission electron microscopy (TEM). The results show that the large plastic deformation prior to aging leads to nanostructure in the alloy and promotes homogenous precipitation of fine T1 phase, which greatly shortens the time for the alloy to reach peak aging. Consequently, the aluminum-lithium alloy with high strength and high plasticity is successfully obtained. When aging at temperature in range of 120-140 ℃, the higher the aging temperature, the shorter the peak aging time and the higher the strength. After peak aging at 140 ℃ for 40 h, the tensile strength, yield strength, and elongation of the alloy are 525 MPa, 478 MPa, and 7.7%, respectively, and the main reinforcement phase is fine T1 phase. When aging at temperature in range of 170-190 ℃, the higher the aging temperature, the shorter the peak aging time, but the tensile strength and yield strength decrease rapidly. After peak aging at 170 ℃ for 8 h, the tensile strength, yield strength, and elongation of the alloy are 503 MPa, 462 MPa, and 5.0%, respectively, and the main reinforcement phase is still T1 phase, but it has obviously coarsened.