This study investigated the effect of adding La–Ce mixed rare earths and Sr on the microstructure and mechanical properties of AlSi10MnMg alloy. The experiment utilized different combinations of modifiers, including single La–Ce rare earths, single Sr, and the combined addition of La–Ce mixed rare earths and Sr. This study compared their effects on grain refinement, the modification of the α-Al phase and eutectic silicon phase, and tensile properties and hardness. The results showed that the combined modification of Sr and mixed rare earth elements significantly refined the grains, optimized the morphology of the α-Al phase and eutectic silicon phase, and improved the overall mechanical properties of the aluminum alloy. Under the combined modification, the addition of 0.02 wt.% Sr and 0.1 wt.% RE (La–Ce mixed rare earths) exhibited the most pronounced refining effect. The secondary dendrite arm spacing (SDAS) was reduced by 59.18%. The eutectic silicon phase transformed from coarse needle-like shapes to fine fibrous or granular forms, with an aspect ratio reduction of 69.39%. Meanwhile, the alloy’s tensile strength and hardness were significantly improved. The tensile strength increased to 240 MPa, achieving an increase of 23.08%; the yield strength increased to 111 MPa, achieving an increase of 18.09%; and the elongation reached 7.3%, achieving an increase of 73.81%. This indicates that the proper addition of Sr and mixed rare earths can significantly optimize the microstructure and enhance the mechanical properties of AlSi10MnMg alloy, providing an effective method for the preparation of high-performance heat-treatment-free aluminum alloys.