In this paper, the particles reinforced in-situ aluminum matrix composites were processed by the cryogenic-aging circular treatment (CACT). The main parameters are cooling rate (V: 1, 5, 10 °C/min), soaking time (T: 24, 36, 48 h) and circular index (N: 1, 2, 3) which are adopted in the orthogonal experimental design. The phase changes, precipitates sorts and amount, dislocation density, tensile strength and fracture, elongation, impact toughness, residual stress, micro-hardness and abradability of treated composites were researched through advanced modern techniques. The temperature of -108 °C (165 K) is assumed as the phase transition point that corresponds to the S phase transition. With the CACT parameters strengthening, the total precipitates amount will be enhanced where the stable lath η phase with low hardness increase while acicular η′ phase with high hardness decrease. The dislocation density will be increased obviously and the maximum is acquired on the condition of V = 10 °C/min, T = 24 h and N = 1. The tensile strength (σb), elongation (δ) and impact toughness (aK) of CACT composites have been enhanced significantly. The average amplifications of them are 14.8%, 56.3% and 10.9% separately in comparison to the untreated sample. The highlighted properties increment is closed linked with the particular microstructure of CACT sample, which have been discussed in detail. Both the abradability and micro-hardness of treated sample are improved. The average wearing loss is decreased by 61.0%, and micro-hardness is raised by 43.7%. With the deepening of cryogenic treatment (increasing V, T and N), the wear resistance and micro-hardness are both on the rise, but the increase slope is decreasing. The worn surface demonstrates that the wearing mechanisms of CACT composite has changed from adhesive to abrasive wearing together with the microstructure of more fine and narrow furrows.