Multifunctional stretchable rubber composites are gaining attention due to their unique electrical, mechanical, and magnetic properties. However, their high production costs pose economic challenges. This study explores the use of cost-effective metal powders-iron, aluminum, and their 1:1 (vol/vol) hybrid filler-in styrene-butadiene rubber composites, varying from 10 to 20 vol%. The effects of these metal particles on the mechanical, electrical, morphological, and swelling properties were investigated. Metal particles generally act as non-reinforcing fillers but can significantly enhance the mechanical modulus, electrical, and magnetic properties based on the filler structure and the filler-rubber interactions. Iron-based composites exhibit significant electrical conductivity and excellent magnetic properties. Aluminum enhances the modulus, while the combination yields average mechanical properties with added magnetic characteristics. Iron demonstrates higher reactivity with sulfur-based crosslinking ingredients, adversely affecting the rubber matrix's crosslinks, as shown by swelling tests. This reactivity is attributed to iron's transition metal characteristics. At 20 vol%, iron-filled composites display the highest magnetic anisotropic effect on toughness (~25%) under a magnetic field by permanent magnets and excellent electrical conductivity (1.5 × 10-2 S/m). While iron significantly boosts the electrical and magnetic properties, higher filler amounts degrade the mechanical properties. These composites are currently suitable for electrical and smart mechanical applications, but incorporating reinforcing fillers could enhance their robustness for broader applications.