Misch metal (rare earth element, Ce, La, Nd, Pr) which has large influence on high-temperature stability and toughness was added to the Al-5%Ni-5%Mg alloy, and squeeze casting was used for Al-5%Ni-5%Mg-(Mm) alloys. The effect of applied pressure and misch metal additions on mechanical properties in Al-5%Ni-5%Mg alloy by direct squeeze casting has been investigated. The applied pressure were 0 MPa(gravity casting), 25, 50 and 75 MPa. Squeeze-cast Al-5%Ni-5%Mg-(Mm) alloys had better mechanical properties than those of non-pressurized cast alloys because of the increased cooling rate by the application of pressure during solidification. By the addition of misch metal in Al-5%Ni-5%Mg alloy, better combination of strength and elongation was obtained. The addition of 0.3%Mm in Al-5%Ni-5%Mg alloy improved the heat resistant property due to the formation of fine eutectic phases.