Electrical conductivity and strength are two critical properties concerned for rotors materials in electric vehicles. However, the two properties are often mutually exclusive in cast Al alloys. The present work proposes a novel non-heat-treatable Al-Fe-Ni alloy by considering the intermetallic compound’s content and morphology. With the modification of Ni and Fe content, the solidification path of designed alloy were calculated to predict the phase composition, which would greatly impact their performance. The as-cast Al-2Fe-1Ni (wt%) alloy exhibits comprehensive properties with an ultimate tensile strength of 131.2±2.5 MPa, an elongation of 20.2±3.6 % and an electrical conductivity up to 52.0±0.1 %IACS. The eutectic microstructure of Al13(Fe,Ni)4+α-Al in Al-2Fe-1Ni alloy accounts for over 90 %, much larger than the eutectic content in Al-0.4Fe-3.4Ni and Al-1Fe-1Ni alloys. The fine eutectics in Al-2Fe-1Ni alloy improve the second-phase strengthening effects and plastic deformation capability. In addition, the fibrous rod-like intermetallic reduces the electron scattering during the propagation process and leaves more space for free electron movement. The dominant second phase transforms from Al3Ni phase to Al9FeNi phase, further enhancing the thermal stability of the alloy. After aging treatment at 180 °C for 100 h, it shows no noticeable change in electrical conductivity and mechanical properties. It is hoped that this work can provide a new design approach for high-strength and high-conductivity Al alloys.