Abstract: In this paper, Cu/Ag core-shell structure powders were prepared by displacement reduction method with copper powder as matrix. The effects of four dispersants, sodium dodecyl benzene sulfonate（SDBS）, polyvinylpyrrolidone（PVP）, polyethylene glycol 4000（PEG4000） and polyethylene glycol 6000（PEG6000）, on the properties of Cu/Ag core-shell structure powders were studied. The microstructure of Cu/Ag core-shell structure powder was observed by scanning electron microscope（SEM）, and the phase structure was analyzed by X-ray diffractometer（XRD）. The experimental results show that the Cu/Ag core-shell structure powder prepared by using SDBS as dispersant has smooth surface, neat morphology and good conductivity, and the conductivity is 1.2×10^-3 Ω ·cm. The anti-oxidation experiments were carried out at 200 ℃, 300 ℃ and 400 ℃, respectively. The weight gain rates of the powders prepared by SDBS as dispersant were the lowest, which were 2.39%, 4.73% and 5.81%, respectively. The corrosion resistance of the powders prepared by four dispersants was studied by electrochemical method. The corrosion potential of the powders prepared by SDBS was-0.296 V, the self-corrosion current density was 3.044×10^-4 A/cm², which had better corrosion resistance.