The invention discloses a grain refinement and modification master alloy for aluminum and an aluminum alloy, which comprises the following components by weight percentage: 3.0 to 10.0 percent of titanium, 1.0 to 3.0 percent of boron, 0.5 to 5.0 percent of strontium, 0.5 to 2.0 percent of cerium-enriched rare earth, and the balance of aluminum. The preparation method for the master alloy comprises the following steps: weighting potassium fluotitanate, potassium fluoborate, a mixed rare earth ingot, an alloy, and a pure aluminum ingot in proportion; drying the potassium fluotitanate and the potassium fluoborate; heating and melting the aluminum ingot and the aluminum rare earth ingot, adding the mixture of the potassium fluotitanate and the potassium fluoborate, and stirring until the melted mass is completely reacted; adding a Al-Sr master alloy, stirring, and performing heat preservation and slagging off; adding hexachloroethane and evenly stirring; and standing, performing heat preservation for 20 to 30 minutes, casting into an ingot and then extruding into a wire. The master alloy can be well combined with an interface of an aluminum matrix; the particle phase is evenly distributed; the grain size of the refinement phase is small; the activated Sr is enough to ensure the following modification; the conglobation of the refinement phase is effectively reduced, and the degradation is inhibited; and the preparation process is low in cost.