An improved aluminum based alloy containing lithium is disclosed. The alloy may be provided as extruded aluminum-copper-lithium products having improved combinations of strength, fracture toughness, corrosion resistance and relatively low density. The extrusion alloy may include from 2.6 to 3.0 weight percent Cu, from 1.4 to 1.75 weight percent Li, from 0.0 to 0.25 weight percent Mn, from 0.10 to 0.45 weight percent Mg, from 0.05 to 0.15 weight percent Zr, from 0.00-0.10 weight percent Ti, from 0.10 weight percent maximum Si, from 0.12 weight percent maximum Fe, from 0.20 weight percent maximum Zn, and the balance Al and incidental impurities. The alloy should also be essentially Ag-free with Ag only being an accidental impurity in levels less than 0.05 weight percent maximum. In certain embodiments, the aluminum-copper-lithium alloys may be provided in the form of extruded products having improved combinations of strength and fracture toughness.