The invention discloses a high-conductivity and high-elasticity palladium-based alloy, heat treatment process and application. The palladium-based alloy includes 40-60wt.% of Pd, 25-45wt.% of Cu, and 5-15wt.% of Ag , 1.5-5wt.% of Ru and 0-2.0wt.% of modifying elements, wherein the modifying elements are one or two of La, Ce, Gd, Y, Ga, Zr and B. The heat treatment process includes the steps of batching, smelting, casting, rolling, annealing, drawing and intermediate annealing. After the intermediate annealing step is completed, the obtained alloy wire needs to be subjected to aging solid solution strengthening treatment. The electrical conductivity of the palladium-based alloy is between 15-25% IACS, the elastic modulus is between 115-125GPa, and the hardness Hv 0.1 Between 360 and 460, the temperature coefficient of resistance is 2.0 to 4.0×10 ‑4 K ‑1 Between, yield strength between 1075 ~ 1125MPa, elongation between 2 ~ 10%. It can be used for brush wires of micro motors, brush wires of potentiometers and semiconductor test probes, wherein the probes can be Cobra probes, cantilever probes, vertical probes or spring probes.