Aluminum-based composites with characteristics such as low density and high strength to weight ratio have been identified to be one of the best-emerging alternatives. The lightweight composite is gaining popularity, particularly in the automotive industry. The composite’s qualities make it a prospective material to replace significant materials that are now used in the automobile industry. For lightweight products, various weight reduction solutions were proposed. In the present work, one such lightweight composite was fabricated by using a stir casting process, which includes reinforcement powders viz. carbon nanotube and fly ash to pure aluminum. The use of fly ash helps in reducing the overall associated cost of the material as well as provides low density. The work aims to identify the amount of fly ash (by weight %) suitable to avail good mechanical properties. In concern with the mechanical properties, density, yield strength, ultimate tensile strength, and wear resistance of the composite specimen were examined. Moreover, the artificial neural network was adopted to identify minimum volumetric wear for a given set of conditions. From the results, it was perceived that with the increase in fly ash content, the volumetric wear of the fabricated composite decreases. However, with the increase in load and speed, the volumetric wear rate increases.