To address the critical challenge of synergistically enhancing both high-temperature mechanical properties and thermal conductivity in neutron-absorbing materials for dry storage of spent nuclear fuel, this study proposes an innovative strategy. This approach involves the controlled distribution, size, and crystalline states of nano-Al₂O₃ within an aluminum matrix. By combining plastic deformation and heat treatment, we aim to achieve a structurally integrated functional design. A systematic investigation was conducted on the microstructural evolution of Al₂O₃/10 wt.% B₄C/Al composites in their forged, extruded, and heat-treated states. We also examined how these states affect high-temperature mechanical properties and thermal conductivity. The results indicate that applying hot extrusion deformation along with optimized heat treatment parameters (500 °C for 24 h) allows for a lamellar dispersion of nano-Al₂O₃ and a crystallographic transition from amorphous to γ-phase. As a result, the composite demonstrates a tensile strength of 144 MPa and an enhanced thermal conductivity of 181 W/(m·K) at 350 °C. These findings provide theoretical insights and technical support for ensuring the high density and long-term safety of spent fuel storage materials.