Quasicrystalline alloys and their composites have been extensively studied due to their complex atomic structures, mechanical properties, and their unique tribological and thermal behaviors. However, technological applications of these materials have not yet come of age and still require additional developments. In this review, we discuss the recent advances that have been made in the last years toward optimizing fabrication processes and properties of Al‐matrix composites reinforced with quasicrystals. We discuss in detail the high‐strength rapid‐solidified nanoquasicrystalline composites, the challenges involved in their manufacturing processes and their properties. We also bring the latest findings on the fabrication of Al‐matrix composites reinforced with quasicrystals by powder metallurgy and by conventional metallurgical processes. We show that substantial developments were made over the last decade and discuss possible future studies that may result from these recent findings.