The morphological evolution and precipitation kinetics of ordered precipitates under the influence of lattice mismatch were studied by using the phase field model. The variation of the average aspect ratio of the precipitates and their distributions was investigated quantitatively, and the relationship of particles shape and particles fraction with the variation of the aspect ratio was determined. As the lattice mismatch increases, the coarsening rate constants and the particles number density decrease, the particles size distribution (PSD) becomes narrower, and the peak value of the PSD becomes lower than the value obtained by the Lifshitz–Slyozov–Wagner theory, while it is close to the value obtained by the Brailsford–Wynblatt theory. The change rate of the particles number density shows four-stage characteristics and decreases as the lattice mismatch and time increase, indicating that the precipitation and coarsening are retarded for a large lattice mismatch and that a large lattice mismatch results in fewer particles being dispersed in the matrix phase. The morphology and the particles number density show that a suitable lattice mismatch can enhance the mechanical properties of the alloys.