This work studies the current trends in creating novel lightweight aluminum matrix composites with reinforcements made of industrial and agricultural waste. The purpose of introducing these natural ashes is to produce lightweight aluminum composites that are both economical and ecologically benign by serving as sustainable substitutes for synthetic ceramic reinforcements. The aim of the study is to determine whether the produced composites have potential uses in the automotive, marine, and aerospace industries by examining their mechanical, thermal, and microstructural characteristics. Following the overview of reinforcements in various aluminum matrices, the final section of this review paper encompasses diverse methods (casting, powder metallurgy, friction stir processing, etc.) for fabricating aluminum matrix composites. Upon thorough review, it has been determined that the stir casting method stands out as a more economical choice for mass production. The outcomes of this study should open the door for creative applications in a range of sectors by aiding in the creation of sustainable, affordable materials with a smaller environmental influence.