In this work, composites consisting of the Al 2024 matrix reinforced with β-Al3Mg2 particles have been produced by powder metallurgy with the aim of increasing the strength of the matrix and, at the same time, reducing the density of the material. The β-Al3Mg2 phase represents an ideal candidate as reinforcement in lightweight composites due to its low density and high-temperature strength. The β-Al3Mg2 reinforcement remarkably improves the mechanical properties of the 2024 matrix. In particular, the composite with 20 vol.% reinforcement display yield and compressive strengths exceeding that of the unreinforced matrix by about 120 and 180 MPa, while retaining appreciable plastic deformation of about 30 %. The strength of the material is further increased for the samples with 30 and 40 vol.% of β-Al3Mg2 phase, however, the composites show reduced plastic deformation of 11 and 4.5 %. Furthermore, the addition of the low-density β-Al3Mg2 particles decreases the density of the materials below that of the unreinforced 2024 matrix, considerably increasing the specific strength of the composites.