A process of preparing an aluminum alloy includes the following steps: first adding and completely melting a ZL101 Al-Si ingot and then covering the melt next adding one of modifiers Te and Sb and then performing heat preservation; finally adding one or more of rare earth elements La, Ce, Y and transition metal element Hf and then performing heat preservation. The ZL101 Al-Si alloy melt after the treatments can be casted into an ingot or a part after refining.