A high strength, high formability and low cost 2xxx aluminum-lithium alloy is disclosed. The aluminum-lithium alloy is capable of being formed into wrought products with a thickness of from about 0.01″ to about 0.249″. Aluminum-lithium alloys of the invention generally comprise from about 3.5 to 4.5 wt. % Cu, 0.8 to 1.6 wt. % Li, 0.6 to 1.5 wt. % Mg, from 0.03 to 0.6 wt. % of at least one grain structure control element selected from the group consisting of Zr, Sc, Cr, V, Hf, and other rare earth elements, and up to 1.0 wt. % Zn, up to 1.0 wt. % Mn, up to 0.12 wt. % Si, up to 0.15 wt. % Fe, up to 0.15 wt. % Ti, up to 0.05 wt. % of any other element, with the total of these other elements not exceeding 0.15 wt. %, and the balance being aluminum. Ag should not be more than 0.5 wt. % and is preferably not intentionally added. Mg is at least equal or higher than Zn in weight percent in the invented alloy. Further provided are methods for manufacturing wrought products including the aluminum-lithium alloys of the present invention.