In this study, two successive methods were used to improve the grain structure and the mechanical and physical properties of Al 5052 aluminum alloy. The modifying elements, 0.99 wt.% of titanium (Ti) and 0.2 wt.% of boron (B), were added during the casting process. After solidification, single- and double-pass friction stir processing (FSP) were performed to achieve additional grain refinement and disperse the newly formed phases well. The addition of Ti–B modifiers significantly improved the mechanical and physical properties of the Al 5052 aluminum alloy. Nevertheless, only a 3% improvement in microhardness was achieved. The ultimate strength (US), yield strength (YS), and elastic modulus were investigated. In addition, the electrical conductivity was reduced by 56% compared to the base alloys. The effects of grain refinement on thermal expansion and corrosion rate were studied; the modified alloy with Ti–B in the as-cast state showed lower dimension stability than the samples treated with the FSP method. The grain refinement significantly affected the corrosion resistance; for example, single and double FSP passes reduced the corrosion rate by 11.4 times and 19.2 times, respectively. The successive FSP passes, resulting in a non-porous structure, increased the bulk density and formed precipitates with high bulk density.