A Cu-15Ag-5P filler metal (BCuP-5) is fabricated on a Ag substrate using a high-velocity oxygen fuel (HVOF) thermal spray process, followed by post-heat treatment (300°C for 1 h and 400°C for 1 h) of the HVOF coating layers to control its microstructure and mechanical properties. Additionally, the microstructure and mechanical properties are evaluated according to the post-heat treatment conditions. The porosity of the heat-treated coating layers are significantly reduced to less than half those of the as-sprayed coating layer, and the pore shape changes to a spherical shape. The constituent phases of the coating layers are Cu, Ag, and Cu-Ag-Cu3P eutectic, which is identical to the initial powder feedstock. A more uniform microstructure is obtained as the heat-treatment temperature increases. The hardness of the coating layer is 154.6 Hv (as-sprayed), 161.2 Hv (300°C for 1 h), and 167.0 Hv (400°C for 1 h), which increases with increasing heat-treatment temperature, and is 2.35 times higher than that of the conventional cast alloy. As a result of the pull-out test, loss or separation of the coating layer rarely occurs in the heat-treated coating layer.