In this work, composite materials were obtained by spark plasma sintering of an Al12Mg17-B-Si powder mixture. The structure, phase composition, and mechanical properties of the obtained composites were studied. It was found that various compounds based on B12 icosahedrons, such as AlB12, B4Si, and B6Si, are formed during spark plasma sintering. Based on the SEM images and results of XRD analysis of the obtained specimens, a probable scheme for the formation of the phase composition of composite materials during spark plasma sintering was proposed. An increase in the Al12Mg17-B powder content in the initial mixture from 30 to 70 wt% leads to an increase in hardness from 16.55 to 21.24 GPa and a decrease in the friction coefficient and wear rate from 0.56 to 0.32 and 13.60 to 5.60 10−5 mm−3/(N/m), respectively.