This study investigates the microstructural, mechanical, tribological, and corrosion behaviors of Al5754 matrix composites reinforced with graphene nanoplatelets (GNP), boron carbide (B₄C), and their hybrid combinations. Composites containing 0.5–1 wt.% GNP and 15 wt.% B₄C were fabricated via stir casting, followed by 30% cold rolling and recrystallization heat treatment. Characterization was performed using optical microscopy, SEM-EDAX, XRD, hardness testing, reciprocating wear tests, and immersion-based corrosion analysis. XRD confirmed the presence of Al-rich intermetallics (AlMn, AlFe) and B₄C phases. Uniform B₄C distribution enhanced hardness, while GNP improved interface bonding. The highest hardness (≈86–91 HB) was achieved in the 1% GNP + 15% B₄C composite, nearly doubling that of unreinforced Al5754. Tribological tests revealed significant wear resistance improvement with hybrid reinforcement, attributed to graphene layers reducing friction and stabilizing surfaces. Corrosion behavior varied with reinforcement type; GNP alone increased susceptibility, whereas hybrid reinforcement mitigated this effect. After rolling and recrystallization, the hybrid composite exhibited the lowest corrosion rate, indicating that appropriate thermomechanical processing enhances corrosion resistance despite rolling-induced defects.