The effect of incremented 3Be-Sb (Be and Sb fixed-ratio at 3) complex modifier on the microstructure and mechanical properties of hypereutectic Al-Si-Mg alloy was investigated. The addition of 0.2 wt% 3Be-Sb in Al-Si-Mg alloy led the primary α-Al from dendritic to regular, the eutectic Si phase was significantly refined, and the size of the primary Mg2Si was remarkably decreased. Specifically, a further increase of 3Be-Sb addition to 0.6 wt% resulted in the microstructure of Mg2Si phase was completely modified from square to a spherical and had maximum refinement effect of primary α-Al. The refinement of the primary Mg2Si phase was attributed to the selective absorption of Be and Sb atoms on Mg2Si surfaces, which inhibited the eutectic Si phase in the preferential growth direction. During the solidification process, the Be element was the heterogeneous nucleation core, and the Mg3Sb2 phase was selected to modify the adsorption-poisoning process. Comparing to the unmodified alloy, the hypereutectic Al-Si-Mg alloy modified with 0.6 wt% 3Be-Sb exhibited significantly enhanced the yield strength, ultimate tensile strength, elongation, shear properties increased from 92.6 Mpa, 120.6 Mpa, 2.0% and 89.6–237.3 Mpa, 250.9 Mpa, 3.3% and 107.6 Mpa, respectively. The abrasive property of these alloys was also prominently improved. Meanwhile, the T6 heat treatment can further improve the mechanical properties. The refinement of Mg2Si phase after complex modification is believed to be the underlying reason for the greatly enhanced mechanical properties.