Aluminum matrix composites reinforced with particles offer many advantages, including high specific strength, elevated specific stiffness, reduced thermal expansion coefficient, enhanced thermal conductivity, abrasion resistance, and dimensional stability. These composites find extensive application in aerospace, electronic packaging, and weaponry. The concept of hybrid particle reinforcement, involving multiple reinforcing particles, optimizes the performance attributes of each phase and the synergistic reinforcement effect, leading to potentially superior hybrid particle-reinforced aluminum matrix composites. This paper presents a comprehensive overview of the methods for preparing particle-reinforced aluminum matrix composites. It examines the toughening mechanisms in aluminum matrix composites reinforced with hybrid particles at medium and high volume fractions. These mechanisms include fine grain reinforcement, Orowan reinforcement, and heterogeneous deformation-induced reinforcement, including geometrically necessary dislocation reinforcement. This paper elucidates the role of micronano organizational structures-such as the morphology, size, distribution, and interfacial bonding state of hybrid particles and matrix-in determining the comprehensive performance of aluminum matrix composites. Additionally, it explores the effect of hybrid particle morphology, size, distribution, and micronano structure on the composite’s overall performance. Finally, future research directions and trends in the development of high-performance hybrid particle-reinforced aluminum matrix composites are discussed.