A non-equilibrium Cu-Zr-Ag alloy was designed for the development of an alternative electric connector to Cu-Be alloys. This work aims at producing a Cu-Zr-Ag sheet using a hot-powder-rolling (HPR) process. The sheets were produced by a sequential process of HPR, preannealing, and cold rolling, using Cu 93.5Zr 5.5Ag 1 (at.%) alloy powder produced by an argon gas atomization method. The Cu 93.5Zr 5.5Ag 1 alloy sheet has a tensile strength of 1188 MPa and a conductivity of 33.2% IACS, which are similar values to those of Cu-Be alloys. In this paper, we optimize the conditions of the HPR process and reveal the correlation between the microstructure and properties of the Cu-Zr-Ag sheet produced by the HPR process. In addition, we discuss the alloy's applicability for use as a connecter material.