Fabrication condition greatly influences the microstructures and properties of Al alloys. However, most of the available reports focus on a single fabrication technique, indicating there is still a lack of systematic comparisons among wider ranges of fabrication methods. In this paper, with conventional casting (via sand/Fe/Cu mold) and additive manufacturing (AM, via selective laser melting, SLM) methods, the effects of cooling rate (Ṫ) on the microstructures and mechanical properties of hypoeutectic Al-10Si-0.5Mg alloy are systematically investigated. The results show that with increasing cooling rate from sand-mold condition to SLM condition, the grain size (d) is continuously refined from ~3522 ± 668 μm to ~10 μm, and the grain morphology is gradually refined from coarse dendrites to a mixed grain structure composed of columnar plus fine grains (~10 μm). The eutectic Si particles are effectively refined from blocky shape under sand/Fe-mold conditions to needle-like under Cu-mold conditions, and finally to fine fibrous network under SLM condition. The tensile yield strength and elongation is greatly improved from 125 ± 5 MPa (sand-mold) to 262 ± 3 MPa (SLM) and from 0.8 ± 0.2% (sand-mold) to 4.0 ± 0.2% (SLM), respectively. The strengthening mechanism is discussed, which is mainly ascribed to the continuous refinement of grains and Si particles and an increase in super-saturation of Al matrix with increasing cooling rate.