Multiphase composites are attractive for improved mechanical performance and corrosion resistance. In this research, a new composite consisting quasi-crystalline Al75Mn14Si7Fe4 alloy of icosahedral, cubic α-AlMnSiFe, monoclinic Al13Fe4 phases, and ferro-silico-aluminate geopolymer was synthesized using rapid solidification and thermal treatment methods. The concentration of icosahedral phase (i-phase) was controlled and the formation of geopolymer was obtained through heat treatment. Characterization showed that the microhardness and wear resistance were increased with the amount of i-phase. The corrosion resistance, on the other hand, was improved with the existence of the geopolymer. This research demonstrates an effective approach in processing a multiphase composite that has desired properties and performance through multiphase design and composition.