This study investigated the effects of solution treatment and aging processes on microstructural characteristics and mechanical properties of hypereutectic B390 Al-Si Alloy modified by phosphorus (P) and bismuth (Bi). The morphology evolution of primary Si, eutectic Si, intermetallic compounds, and secondary dendrite arm spacing (SDAS) of both initial and modified alloys were investigated in as-cast and heat-treated conditions. It was found that the combination of 0.1 wt%P and 0.5 wt%Bi in B390 alloy resulted in a remarkable modification and refinement of primary Si, eutectic Si, and SDAS compared to initial specimens in the as-cast condition. After heat treating, the fine lamellar eutectic Si and intermetallic compounds underwent a higher degree of fragmentation and coarsening, appearing as small round particles, leading to a more pronounced formation of a supersaturated solid solution. Additionally, the peak aging time of the B390-P-Bi alloy was only 7 hours, 2 hours less than the initial specimen. After T6 treatment and addition of both 0.1 wt%P and 0.5 wt%Bi, the B390-P-Bi alloy exhibited a smaller rounded Mg3Bi2 phase at peak aging with a 62.07% size reduction compared to the B390-Bi alloy. The results show that adding P with Bi enhanced hardness, ultimate tensile strength (UTS) and elongation because of refinement of the SDAS, primary Si and eutectic Si. These refinements played a crucial role in increasing tensile strength by more effective strengthening through precipitation and grain size reduction. The B390-P-Bi alloy is a promising choice for applications requiring a balance between strength and ductility.