This mini review is devoted to analysis of the latest advances in the development of aluminum-based composite materials (CMs) reinforced by microstructures and nanostructures. The fabrication methods of CMs, various reinforcing additives (Al2O3, AlN, SiC, CuO, B4C, Li3N, C, and BN), and their morphological types (nanotubes, nanoplates, microparticles, and nanoparticles), as well as the structure and properties of CMs, are considered. The importance of theoretical modeling methods for studying the strength of interfaces in CMs is shown.