Metal matrix composites (MMCs) and their hybrid combinations are widely incorporated in research due to their enhanced mechanical properties and wear resistance. In this work, an investigation is made to fabricate AA2024 matrix flyash and graphite-reinforced hybrid composite for industrial applications and determine its suitability by performing testing and characterization. Tensile properties and compressive strength, wear resistance, fracture toughness, impact energy, and the hardness of the composites are evaluated. A tensile strength maximum of 300 MPa was achieved. Furthermore, the thermal analysis of a disc brake of this hybrid composite is performed using SOLIDWORKS software to identify the temperature distribution up to 469°K. The addition of flyash reinforcement shows the changes in properties with weight reduction. Although the content of graphite particles shows a deterioration in mechanical properties, it acts as a lubricant and reduces wear by friction and friction between the components. The coefficient of friction (COF) for the specimen is in the range of 0.1 to 0.3. The distribution of graphite and flyash is analyzed using the scanning electron microscope. It was found that the properties of the prepared composite are lesser than the base alloy AA2024, but the fabricated composite’s density (2.07 g/cc) is lesser than the base alloy AA2024 (2.78 g/cc).