P and RE complex modification of hypereutectic Al-Si alloys was conducted. The influences of P, RE content on the microstructure and mechanical properties of alloys were investigated. The complex modifications of P and RE make the coarse block primary silicon obviously refined and the large needle eutectic silicon modified to the fine fibrous or lamella ones. P mainly refines the primary silicon, but excess P is unfavorable to the refinement of primary silicon. RE can well refine the primary and eutectic silicon, but its modification effect on the eutectic silicon is more obvious. P can repress the modification of RE on the eutectic silicon. The alloys with the additions of 0.08% P and 0.60% RE have the optimal microstructure and the highest mechanical properties. Compared with the unmodified alloy, the primary silicon of alloys can be refined from 66.4 μm to 23.3 μm and the eutectic silicon can be refined from 8.3 μm to 5.2 μm. The tensile strength is improved from 256 MPa to 306 MPa and the elongation is improved from 0.35% to 0.48%.