N36 zirconium alloy specimens were prepared by the severe plastic deformation process of Equal Channel Dual Angle Pressing (ECDAP), annealed and aged. The initial microstructure was observed by OM. The types and morphological characteristics of the precipitated phases were analysed by SEM and TEM. The bonding mechanism at the interface between the α-Zr matrix and the (Zr,Nb)₂Fe precipitate phase after aging treatment was analysed by combining the difference of valence electron density and the tensile strength. The influence of the precipitation behaviour of the (Zr,Nb)₂Fe on the microstructure and properties of N36 zirconium alloy prepared by the ECDAP process was investigated. The results indicated that the ECDAP process can significantly refine the grain and promote the uniform distribution of the precipitate phase in N36 zirconium alloys, which mainly consists of Zr(Nb,Fe)₂ and (Zr,Nb)₂Fe with a large number of internal striated dislocations. The difference of valence electron density at the interface between the α-Zr matrix and the (Zr,Nb)₂Fe precipitate phase is 91.02%, and the lattice mismatch leads to increased resistance to interfacial dislocation motion, increased instability, and susceptibility to relative motion and laminar dislocation initiation. Interfacial dislocations can induce matrix dislocations shifts to meet deformation demands. The increase in tensile strength after aging for 4 and 8 h reaches 2.14% and 10.36%, respectively, which is due to the increase in the reinforcement of the precipitate phase resulting from the strong electronic discontinuity between the precipitate phase and the matrix.