The invention belongs to the field of non-ferrous materials and preparation and formation thereof, and relates to heat-resisting low-expansion high-silicon cast aluminum alloy. The alloy comprises the following compositions in percentage by mass: 18 to 25 percent of silicon, 1.0 to 2.5 percent of copper, 0.2 to 0.8 percent of magnesium, 0.5 to 2.5 percent of nickel, 0.3 to 0.6 percent of manganese, 0.3 to 1.0 percent of misch metal RE (the content of cerium is more than 40 percent), 0.006 to 0.04 percent of phosphorus, and the balance of aluminum. The production method comprises: firstly, melting raw materials of copper, nickel, silicon and aluminum into an aluminum silicon alloy fused mass; secondly, re-superheating the aluminum silicon alloy fused mass to the temperature of between 850 and 870 DEG C, adding manganese raw materials, and obtaining a mixed fused mass after uniform melting; thirdly, adjusting the temperature of the mixed fused mass to between 780 and 800 DEG C and adding the magnesium into the mixed fused mass; fourthly, adding rare earth raw materials into the mixed fused mass, maintaining at the temperature for 10 to 15 minutes, and raising the temperature to between 820 and 840 DEG C; fifthly, performing refining; and sixthly, raising the temperature of the refined mixed fused mass to between 830 and 850 DEG C, adding phosphorus raw materials into the mixed fused mass for modification, maintaining at the temperature for 15 to 20 minutes after modification, and performing casting, wherein the casting temperature is between 790 and 830 DEG C. Castings can well meet the performance requirements of peripheral materials of automobile engines after T6 heat treatment.