Incorporating carbon nanotubes (CNTs) into Al-Si alloy to prepare in-situ SiC/Al-Si composites enhances thermal conductivity (TC) and reduces the coefficient of thermal expansion (CTE). However, challenges include CNTs aggregation and uneven SiC distribution. This study uses fluidized bed chemical vapor deposition (FBCVD) to achieve uniform CNTs coverage on Al-50Si powder. Subsequent powder hot extrusion and heat treatment above the eutectic temperature enable a gradual reaction between CNTs and Al/Si atoms, resulting in uniformly dispersed SiC within the SiC/Al-50Si composite. The formation mechanism of in-situ SiC particles and their impact on the microstructure, thermal and mechanical properties of the composite are further investigated. The formation process involves a two-step chemical reaction: lamellar Al4C3 phases transform into lamellar eutectic SiC + Al phases, which then transition into polyhedral SiC particles through epitaxial growth. This in-situ formation of SiC particles also impedes Si growth during heat treatment, refining Si particles and enhancing the composite’s properties. The resulting in-situ SiC/Al-50Si composite exhibits excellent thermal and mechanical properties, including a high TC of ∼162 Wm-1K−1, a low CTE of ∼ 8.7 × 10-6/K, and a good bending strength of approximately 253 MPa at room temperature.