In this study, the microstructural characteristics such as primary silicon, eutectic silicon, $SiC_p$ dispersion behavior, compound amount and Si solubility in $Al/SiC_p$ composite fabricated by the squeeze casting under various conditions were investigated systematically. As applied pressure(MPa) increases, cooling rate and compound amount are increased. In gravity casting, the cooling rate of hypereutectic composite is slower than of hypoeutectic composite by exothermic reaction of primary Si crystallization. But the cooling rate of hypereutectic composite is faster than that of hypoeutectic composite fabricated by same applied pressure, because amount of primary Si crystallization in hypereutectic composite was decreased, on the contrary, primary ${\alpha}-Al$ in hypoeutetic composite was increased due to increase of Si solubility in matrix by applied pressure. The crystalized primary silicon in hypereutectic composite fabricated by squeeze casting become more fine than that in non-pressure casting This is because mush zone became narrow due to increase of Si content of eutectic composition by pressure and time for growth of primary silicon got shorter according to applied pressure. It is turned out that eutectic temperature and liquidus are decreased by the increasing of squeeze pressure in all the composite due to thermal unstability of matrix owing to increasing of Si solubility in matrix by the increasing of applied pressure, as indicated in thermal anaiysis(DSC) results.