Fabrication of FeSi-Al2O3 composites with a molar ratio of FeSi/Al2O3 ranging from 1.2 to 4.5 was conducted by the self-propagating high-temperature synthesis (SHS) method. The synthesis reaction involved metallothermic reduction of Fe2O3 and SiO2 by Al and the chemical interaction of Fe and Si. Two combustion systems were examined: one contained thermite reagents of 0.6Fe2O3 + 0.6SiO2 + 2Al, and the other had Fe2O3 + 2Al to mix with different amounts of Fe and Si powders. A thermodynamic analysis indicated that metallothermic reduction of oxide precursors was sufficiently exothermic to sustain the combustion reaction in a self-propagating mode. The SHS reaction carrying out co-reduction of Fe2O3 and SiO2 was less exothermic, and was applied to synthesize products with FeSi/Al2O3 = 1.2–2.5, while the reaction reducing only Fe2O3 was more energetic and was adopted for the composites with FeSi/Al2O3 = 2.5–4.5. Moreover, the former had a larger activation energy, i.e., Ea = 215.3 kJ/mol, than the latter, i.e., Ea = 180.4 kJ/mol. For both reaction systems, the combustion wave velocity and temperature decreased with increasing FeSi content. Formation of FeSi-Al2O3 in situ composites with different amounts of FeSi was achieved. Additionally, a trivial amount of aluminum silicate was detected in the products of high FeSi contents due to dissolution of Si into Al2O3 during the SHS process.