In the present work, we studied the effects of transition metal elements on microstructure evolution and high-temperature mechanical properties via the preparation of new modified alloys with micro-additions of Cr, Ti, V, Zr, Mo, and Mn to address the poor high-temperature performance of Al–Si–Cu–Mg alloys for automotive engines. The results show that the addition of transition metal elements formed a variety of new intermetallic phases that were stable at high temperatures, such as (AlSi)3(TiVZr), (AlSi)3Ti, (AlSi)3(CrVTi), Al74Si6Mn4Cr2Fe, Al85Si5Mn2Mo2CrFe, Al0.78Fe4.8Mn0.27Mo4.15Si2, (AlSi)2(CrVTi)Mo, and Al13(MoCrVTi)4Si4, and these phases evidently improved the ultimate high-temperature tensile strength and yield strength. The ultimate tensile strength and yield strength of the modified alloy increased by 17.49% and 31.65% when the test temperature increased to 240 °C, respectively, and by 71.28% and 74.73% when the test temperature increased to 300 °C, respectively. The fundamental reason for this change is that the intermetallic phase hinders the expansion of cracks, which can exist stably at high temperatures. When a crack extends to the intermetallic phases, it will break along with the intermetallic phases or propagate along the morphological edge of the intermetallic phases.