The growth method and parameters are responsible for the optical, electrical, and structural properties of Al–Si alloys. Spray forming is the most suitable process to produce Al–Si–Pb alloys with good crystallinity, as it offers advantages such as the highest productivity, the lowest material consumption, and minimum operating costs. In this work, the microstructural characteristics of the spray-deposited Al–Si–Pb alloy before and after forging were compared. The microstructure of the spray-deposited Al–Si–Pb alloy exhibits a fine equiaxed grain morphology with considerable porosity. After forging, however, grain refinement takes place and the porosity is removed almost (up to 80%) from the matrix. For the center region, porosity reduced from 15.37% to 3.19%, whereas for the periphery region, it reduced from 10.04% to 0.82%. Hardness of forged samples increased, for the central region, it increased by 58.9%, and for the periphery, it increased by 65.5%.