In this study, the effect of nano-B4C addition on the property profile of Elektron 21 (E21) alloys is investigated. E21 reinforced with different amounts of nano-size B4C particulates was synthesized using the disintegrated melt deposition technique followed by hot extrusion. Microstructural characterization of the developed E21-B4C composites revealed refined grains with the progressive addition of boron carbide nanoparticles. The evaluation of mechanical properties indicated a significant improvement in the yield strength of the nanocomposites under compressive loading. Further, the E21-2.5B4C nanocomposites exhibited the best damping characteristics, highest young’s modulus, and highest resistance to ignition, thus featuring all the characteristics of a material suitable for several aircraft applications besides the currently allowed seat frames. The superior mechanical properties of the E21-B4C nanocomposites are attributed to the refined grain sizes, uniform distribution of the nanoparticles, and the thermal insulating effects of nano-B4C particles.