Provided in the present invention are a high strength and ductility casted aluminum-silicon alloy, a manufacturing method for same, and applications thereof. The aluminum-silicon alloy consists of the following components in terms of mass percent: Si 7-8%, Mg 0.4-0.5%, Fe 0.1-0.2%, Ti 0.1-0.2%, Sr 0.01-0.02%, La 0.03-0.06%, Ce 0.02-0.04%, and the remainder is Al and unavoidable elemental impurities. The manufacturing method comprises the smelting of an aluminum-silicon alloy liquid, refinement and modification, refining for gas removal and impurity removal, casting, and a solution ageing treatment. The present invention, by optimizing the content of elemental Si and Mg, refining and modifying an α-Al crystallite, a β-Fe iron-rich phase, and an eutectic Si phase, allows the α-Al dendritic crystal to be converted into fine equiaxed crystallites, allows the acicular and flaky β-Fe iron-rich phase and the eutectic Si phase to be converted into a fine granular or short rod form, and eliminates the hazards posed by the acicular and flaky β-Fe iron-rich phase and the eutectic Si phase on the strength, plasticity, and fracture toughness of the aluminum-silicon alloy. The casted aluminum-silicon alloy of the present invention is provided with high strength, great plasticity, and excellent fracture toughness and is applicable in casting various force-bearing structural parts, such as vehicular lightweight structural parts.