Characteristics of microstructures, mechanical properties and formability of two Al-20Si-5Fe-2Ni alloys produced by gas atomizing (P/M) and spray forming (S/F) respectively were compared at temperatures up to $560^{circ}C$. Room temperature hardness values and tensile strengths of both alloys were increased in accordance with temperature after heat treatment above $300^{circ}C$. The highest values of hardness and tensile strength of both alloys were obtained at $490^{circ}C$. It was interpreted that increase in hardness and tensile strength according to heating temperature between $300{sim}490^{circ}C$ was mainly related to increase in internal stress between Al matrix and reprecipitated particles. S/F alloys showed better formability and wear property than P/M alloys due to the homogenity of microstructures above $300^{circ}C$.