Newly designed multicomponent light alloys are giving rise to non-conventional microstructures that need to be thoroughly studied before determining their potential applications. In this study, the novel Al₅₈Zn₂₈Si₈Mg₆ alloy, previously studied with CALPHAD methods, was cast and heat-treated under several conditions. An analysis of the phase evolution was carried out with in situ X-ray diffraction supported by differential scanning calorimetry and electron microscopy. A total of eight phases were identified in the alloy in the temperature range from 30 to 380 °C: α-Al, α’-Al, Zn, Si, Mg₂Si, MgZn₂, Mg₂Zn₁₁, and SrZn₁₃. Several thermal transitions below 360 °C were determined, and the natural precipitation of the Zn phase was confirmed after nine months. The study showed that the thermal history can strongly affect the presence of the MgZn₂ and Mg₂Zn₁₁ phases. The combination of X-ray thermo-diffraction with CALPHAD methods, differential scanning calorimetry, and electron microscopy offered us a satisfactory understanding of the alloy behavior at different temperatures.