Nowadays, great interests are rising on aluminum alloys for the applications at elevated temperature, driven by the automotive and aerospace industries requiring high strength, light weight, and low-cost engineering materials. As one of the most promising candidates, Al-Mn-Mg 3004 alloys have been found to possess considerably high mechanical properties and creep resistance at elevated temperature resulted from the precipitation of a large number of thermally stable dispersoids during heat treatment. In present work, the effect of Fe contents on the evolution of microstructure as well as high-temperature properties of 3004 alloys has been investigated. Results show that the dominant intermetallic changes from α-Al(MnFe)Si at 0.1 wt pct Fe to Al6(MnFe) at both 0.3 and 0.6 wt pct Fe. In the Fe range of 0.1–0.6 wt pct studied, a significant improvement on mechanical properties at elevated temperature has been observed due to the precipitation of dispersoids, and the best combination of yield strength and creep resistance at 573 K (300 °C) is obtained in the 0.3 wt pct Fe alloy with the finest size and highest volume fraction of dispersoids. The superior properties obtained at 573 K (300 °C) make 3004 alloys more promising for high-temperature applications. The relationship between the Fe content and the dispersoid precipitation as well as the materials properties has been discussed.