The structure and the properties of the cast Al–5Si–1.3Cu–0.5Mg–0.15Zr–0.15Y alloy have been investigated after the quenching and aging of the alloy ingot and deformed sheet. The introduction of zirconium and yttrium additives slightly modifies and increases the uniformity of the grain structure of the cast alloy. The Al8Cu4Y and Al11Cu2Y2Si2 phase particles, which formed during solidification, do not change their morphology and do not dissolve upon homogenization. The yield strength of the alloy is 30–40 MPa higher than that of the alloy without additives, both at room temperature and 200°C because of the smaller grain size and solidification-induced phases. The yield strength in the alloy when quenched after rolling and aged is 289–296 MPa; the tensile strength is 374–387 MPa and the relative elongation is 13.5–15.5%. To enhance the service characteristics, especially at elevated temperatures, the alloying of silumins with low-cost yttrium in combination with zirconium offers an advantage over alloying with erbium.