The present study investigates the effect of microstructure modification on the mechanical properties and corrosion resistance of the near-eutectic LM6 Al-Si alloy. The addition of 130 ppm of Sr significantly modifies the microstructure, transforming the flake-like morphology of eutectic Si into a fine fibrous form, promoting the formation of equiaxial dendrites of α-Al and reducing the size of the flake-like β-phase. These changes result in improved mechanical properties, including an increase in yield strength (106–113 MPa), ultimate tensile strength (155–174 MPa), and elongation (2.6–3.2%). Fractography analysis reveals that the LM6-Sr alloy exhibits a ductile fracture mode, whereas the unmodified LM6 alloy fails in a brittle manner. Despite a slight increase in porosity from 2.8% to 4.7%, the morphological modifications dominate the negative impact of porosity, resulting in an overall increase in mechanical properties. Additionally, the corrosion resistance of the LM6-Sr alloy was significantly improved, with a reduction in corrosion rate from 0.0593 mm/year to 0.0266 mm/year. Electrochemical impedance spectroscopy studies further confirmed enhanced corrosion resistance, showing higher charge transfer resistance (Rct), oxide resistance (Rox), and total impedance (Zmod) for the LM6-Sr alloy.