Microstructure is a significant factor that influences the mechanical properties of alloys. The effect of multiaxial forging (MAF) and subsequent aging treatment on the precipitated phases of Al-Zn-Mg-Cu alloy remains unclear. Therefore, an Al-Zn-Mg-Cu alloy was processed by means of solid solution and aging treatment, and MAF and aging treatment in this work, and the composition and distribution of precipitated phases were characterized in detail. The MAF results for dislocation multiplication and grain refinement were found. The high density of dislocation greatly accelerates the nucleation and growth of precipitated phases. Thus, the GP-zones almost transform into precipitated phases during subsequent aging. The MAF and aging alloy has more precipitated phases than the solid solution and aging treated alloy. The precipitates on the grain boundary are coarse and discontinuously distributed due to dislocation and grain boundary promoting the nucleation, growth and coarsening of the precipitates. The hardness, strength, ductility and microstructures of the alloy have been studied. Without compromising the ductility much, the MAF and aging alloy has higher hardness and strength, with values of 202 HV and 606 MPa, respectively, and an appreciable ductility of 16.2%.