Effect of pre-annealing treatment temperature on compactibility of gas-atomized Al-27%Si alloy powders was investigated. Microstructure and hardness of the annealed powders were characterized. Pre-annealing results in decreasing Al matrix hardness, dissolving of needle-like eutectic Si phase, precipitation and growth of supersaturated Si atoms, and spheroidisation of primary Si phase. Compactibility of the alloy powders is gradually improved with increasing the annealing temperature to 400 °C. However, it decreases when the temperature is above 400 °C owing to the existence of Si-Si phase clusters and the densely distributed Si particles. A maximum relative density of 96.1% is obtained after annealing at 400 °C for 4 h. In addition, the deviation of compactibility among the pre-annealed powders reaches a maximum at a pressure of 175 MPa. Therefore, a proper pre-annealing treatment can significantly enhance the cold compactibility of gas-atomized Al-Si alloy powders.