In order to develop an aluminum alloy, that can combine high thermal conductivity and good castability and anodizability, aluminum alloys with low Si content, such as Al-(0.5~1.5)Mg-1Fe-0.5Si and Al-(1.0~1.5)Si-1Fe-1Zn, were designed. The developed aluminum alloys exhibited 170~190% thermal conductivity (160~180 W/mK), 60~85% fluidity, and equal or higher ultimate tensile strength compared with those of the ADC12 alloy. In each developed alloy system, the thermal conductivity decreased and the strength increased with the increment of Mg and Si, which are the significant alloying elements. The fluidity was in reverse proportion to the Mg content and in proportion to the Si content. The Al-(0.5~1.5)Mg-1Fe-0.5Si alloys exhibited better fluidity in thick-wall castings, while the Al-(1.0~1.5)Si-1Fe-1Zn alloys were better in thin-wall castability due to their lower surface energies. The fluidity behavior was complexly affected by the heat release for the solidification, viscosity, solidification range, and the type, quantity, and formation juncture of the main secondary phase.