Aluminum matrix fly ash (AMFA) cenosphere composites were fabricated using the stir casting technique. The used type of fly ash cenosphere, which accounted for over 60% in all fly ash particles, was in narrow and small size (2–30 μm). During synthesis, effects of several key technological parameters on microstructure and properties were investigated using orthogonal experimental design. The optimal technological parameter was achieved as: melt temperature of 700 °C + stirring rate of 1200 r/min + stirring time of 6 min + fly ash cenosphere content of 13 wt%. With this optimal technological parameter, as-cast and forged composites were manufactured. Their tensile strengths were measured and improved maximally by 50% when the cenosphere content is 13 wt%. Such size and content of fly ash cenosphere and technological parameter could largely improve the properties of composites, which should be introduced into the production process of AMFA composites.