Immiscible bimetal systems, of which tungsten–copper (W–Cu) is a typical representative, have crucial applications in fields requiring both mechanical and physical properties. Nevertheless, it is a major challenge to determine how to give full play to the advantages of the two phases of the bimetal and achieve outstanding comprehensive properties. In this study, an ultrafine-grained W–Cu bimetal with spatially connected Cu and specific W islands was fabricated through a designed powder-mixing process and subsequent rapid low-temperature sintering. The prepared bimetal concurrently has a high yield strength, large plastic strain, and high electrical conductivity. The stress distribution and strain response of individual phases in different types of W–Cu bimetals under loading were quantified by means of a simulation. The high yield strength of the reported bimetal results from the microstructure refinement and high contiguity of the grains in the W islands, which enhance the contribution of W to the total plastic deformation of the bimetal. The high electrical conductivity is attributed to the increased mean free path of the Cu and the reduced proportion of phase boundaries due to the specific phase combination of W islands and Cu. This work provides new insight into modulating phase configuration in immiscible metallic composites to achieve high-level multi-objective properties.