Due to the eutectic reaction, the Mg2Si phase is inclined to creating an unfavorable fishbone shape at low solidification rates. This can significantly degrade the mechanical characteristics and become the main barrier to the practical application of Mg2Si/AZ91D composites. It is regarded that semi-solid treatment process is an efficient technique to modulate the fishbone-shaped Mg2Si phases in Mg2Si/AZ91D composite. In this work, a new type of Mg2Si/AZ91D composite is successfully fabricated by semi-solid treatment process, and the influences of different isothermal temperatures on microstructural evolution of Mg2Si/AZ91D composite are studied. The findings illustrate that the mean size of the α-Mg grains increases and their trendency of spherification becomes more evidently after held for 30 min at different isothermal temperatures from 550° C to 580°C. Additionally, through semi-solid treatment process, the Mg2Si phases in Mg2Si/AZ91D composite are totally changed from their original fishbone shape into polygon or granule shapes. With increasing of the isothermal temperatures, the mean size and morphologies of Mg2Si phases have no significantly changes. The morphological change theory of Mg2Si phases in Mg2Si/AZ91D composite by semi-solid treatment process is also studied.