In order to settle environment pollution and provide a high effective and low-cost modifier for refining the primary Si in hypereutectic Al-Si alloys, Al-Fe-P master alloys containing 2.0~5.0% phosphorus have been invented by casting method. The Al-Fe-P master alloys can be conveniently produced and an excellent modification can be obtained by adding 0.3~0.8wt% Al-Fe-P master alloy in Al-Si alloys containing 12%-25% Si at a relatively lower modifying temperature. The number of primary Si increases obviously and the average grain size of primary Si decreases largely, less than 50μm. Furthermore Al-Fe-P master alloys have many advantages, such as low cost, convenient operation technology, no pollution, stable and long-term modification effect, easy storage and etc. Al-Fe-P master alloys have overcome the shortages of current modifier and have a good future for hypereutectic Al-Si alloy modification.