This paper presents novel opportunities for management of fly ash by synthesizing the material into cordierite ceramics and using it as a reinforcing phase for light metal alloys. Metal matrix composites (based on magnesium alloy and aluminum alloy) were produced by squeeze casting. The magnesium matrix composites with a suitably selected reinforcing phase content (2 wt.%) exhibited much better strength properties than the unmodified alloy (AM60). It was also demonstrated that the wettability (or the lack thereof) in the metal-ceramic system is critical to successful production of the composites based on the AK7 alloy with cordierite. Light alloy matrix composites reinforced with cordierite ceramics particles are innovative materials that combine high strength with low weight, which may be a key factor of merit for numerous applications of the composite in various branches of industries.