In this study, concurrent enhancements in both strength and ductility of the Al-2Li-2Cu-0.5Mg-0.2Zr cast alloy (hereafter referred to as Al-Li) were achieved through an optimized forming process comprising ultrasonic treatment followed by squeeze casting, coupled with the incorporation of Sc. Initially, the variations in the microstructure and mechanical properties of the Sc-free Al-Li cast alloy (i.e., alloy A) during various forming processes were investigated. The results revealed that the grain size in the UT+SC (ultrasonic treatment + squeeze casting) alloy was reduced by 76.3% and 57.7%, respectively, compared to those of the GC (gravity casting) or SC alloys. Additionally, significant improvements were observed in its compositional segregation and porosity reduction. After UT+SC, the ultimate tensile strength (UTS), yield strength (YS), and elongation reached 235 MPa, 135 Mpa, and 15%, respectively, which were 113.6%, 28.6%, and 1150% higher than those of the GC alloy. Subsequently, the Al-Li cast alloy containing 0.2 wt.% Sc (referred to as alloy B) exhibited even finer grains under the UT+SC process, resulting in simultaneous enhancements in its UTS, YS, and elongation. Interestingly, the product of ultimate tensile strength and elongation (i.e., UTS × EL) for both alloys reached 36 GPa•% and 42 GPa•%, respectively, which is much higher than that of other Al-Li cast alloys reported in the available literature.