Horizontal bar samples of high-strength Al-Cu-Mg-Ag-Ti-(TiB2) alloy were manufactured employing laser powder bed fusion (LPBF). Samples were then post-processed using solutioning followed by artificial averaging (T7). The microstructure and precipitation behavior of the alloy was studied using different microstructure characterization methods including optical microscopy (OM), electron backscatter diffraction (EBSD), transmission electron microscope (TEM), and X-ray energy dispersive spectroscopy (XEDS). Several uniaxial tensile tests equipped with digital image correlation (DIC) were also carried out on both as-built and heat treated (HTed) samples. Results confirmed that the TiB2 inoculants had a significant role on grain refinement and producing a not-textured material. The as-built samples could also be categorized as ultra-fine grain (UFG) materials featuring the yield point phenomenon, formation of Lüders band and near perfect plastic deformation after yield point appearing in their uniaxial tensile curves. T7 heat treatment led to the precipitation of  Guinier-Preston (GP) zones, θ’’, θ’, and Ω phases, which all coexisted in the microstructure of the T7 material based on the analysis of  selected area diffraction (SAD) patterns. Due to the formation of these strengthening agents, the tensile strength of T7 samples enhanced significantly compared to the as-built samples in the expense of their elongation. The degraded elongation in T7 samples can be attributed to the formation of intermetallic compounds (IMCs) and precipitation free zones (PFZ) along the grain boundaries of T7 samples.