The composite materials based on the Al–Si system alloys, strengthened with a highly dispersed titanium carbide phase, possess improved characteristics and belong to the group of promising structural materials. Currently, self-propagating high-temperature synthesis (SHS) based on the exothermic interaction, wherein titanium and carbon precursors directly involve in the melt, is the most accessible and effective method to obtain them. This paper proves the feasibility and demonstrates the successful synthesis of a 10 wt.% titanium carbide phase in the melt of the AK10M2N alloy, resulting in the AK10M2H-10% TiC composite material. Samples of the matrix alloy and the composite material were subjected to heat treatment according to the T6 mode, with various temperature-time parameters for hardening and aging operations. Based on the results, optimal heat treatment modes were selected to ensure maximum hardness. We studied the macroand microstructure of the obtained samples and performed micro X-ray spectral and X-ray diffraction phase analyses. Different groups of properties underwent comparative tests. It was established that the density of AK10M2N–10%TiC samples before and after heat treatment, according to optimal modes, is close to the calculated value. We showed that the combination of reinforcement and heat treatment significantly increases hardness, microhardness, and compressive strength, with a slight decrease in ductility. Additionally, it maintains the values of the coefficient of thermal linear expansion, high-temperature strength, and resistance to carbon dioxide and hydrogen sulfide corrosion at the level of the original alloy. The greatest effect was observed during the investigation of tribological characteristics: heat treatment of the composite material according to the recommended mode significantly reduces the wear rate and friction coefficient, eliminates seizure and tearing, and prevents temperature rise due to friction heating.