Low-cost alloying elements were added to a modified Al-6.5Si alloy and its microstructure, tensile and impact toughness properties were investigated. The alloying elements added were Mg, Zn, and Cu, and two kinds of alloy A (Mg:0.5, Zn:1, Cu:1.5 wt.%) and alloy B (Mg:2, Zn:1.5, Cu:2 wt.%) were prepared. In the as-cast Al-6.5Si alloys, Si phases were distributed at the dendrite interfaces, and Al2Cu, Mg2Si, Al6 (Fe,Mn) and Al5 (Fe,Mn)Si precipitates were also observed. The size and fraction of casting defects were measured to be higher for alloy A than for alloy B. The secondary dendrite arm spacing of alloy B was finer than that of alloy A. It was confirmed by the JMatPro S/W that the cooling rate of alloy B could be more rapid than alloy A. The alloy B had higher hardness and strength compared to the values of alloy A. However, the alloy A showed better impact toughness than alloy B. Based on the above results, the deformation mechanism of Al-6.5Si alloy and the improving method for mechanical properties were also discussed.