Deformation behavior of the AlMg4.5Cu0.5 type alloy sheets was examined after cold rolling and annealing in the range of temperature from 220°C to 520°C, water quenching and natural aging. The low temperature annealed samples, characterized by fine grained recrystallized structure and high content of Cu-Mg precipitates, have shown a superior hardening ability in uniaxial tension and formability in biaxial stretching. The natural aging didn't bring any important changes of the properties in respect to the as-quenched condition of the tested material