An aluminum-silicon alloy having extremely improved mechanical properties, workability, and stress corrosion resistance, said alloy consisting essentially of 8-15% by weight of silicon, 1-4.5% by weight of copper, 0.05 - 0.7% by weight of magnesium, up to 0.7% by weight of iron, up to 0.15% by weight each or in sum total of chromium, manganese, nickel, zirconium, or titanium, and the balance being substantially aluminum, said alloy further characterized by silicon crystal in eutectic structure having an average grain size not greater than 5 .mu.m and being finely and homogeneously dispersed in an aluminium matrix, the area ratio of primary silicon crystal in the aluminum matrix being not greater than 6%, the maximum grain size of said primary silicon crystal being not greater than 50 .mu.m, and intermetallic compounds of copper and magnesium being finely and homogeneously dispersed in the aluminum matrix.