This paper discussed the effects of different cooling rate on the microstructure of the 4Y32 aluminum alloy and the refinement and modification on 4Y32 aluminum alloy by using Na and Al-10%Sr master alloys in various treatment states. And also the effect of Al-10Sr and Al-3Ti-1B compound modification on microstructures of 4Y32 aluminum alloy has also been studied. The results showed that: the primary silicon was eliminated during slow cooling. As the cooling rate increased, the number of primary silicon was also growing, but the size of primary silicon and eutectic silicon were significantly refined; when without modification, the shape of eutectic silicon was needle and flake; 4Y32 aluminum alloy could be effectively refined after Na modification, under the optimum addition amount of 0.8wt%. The best modification was achieved with 15 minutes, that is, the shape of primary silicon changed to small granular or oval and the primary silicon was eliminated; the as-cast structure has been improved after Al-10Sr modification, under the optimum addition amount of 0.2wt. %, the shape of eutectic silicon changed to fine short rod or point and the primary silicon was eliminated; However, in the compound modification, efficiency of Sr was decreased with the increasing additional amount of AI-3Ti-1B master alloy, which was attribute to the interaction of Sr and Ti.