The present work aims to investigate the microstructure evolution along the length of a directionally solidified Al–8wt.%Ni hypereutectic alloy with a view to tailoring the range of microstructural parameters providing the best balance among tensile, wear, and corrosion properties. A macrostructure columnar region is shown to be associated with solidification cooling rates ( T ˙ ) > 4.8 °C/s, having a microstructure typified by eutectic colonies (EC) of Al 3 Ni fibers + α-Al matrix. Differently, for T ˙  < 4.8 °C/s, equiaxed grains prevailed consisting of the primary Al 3 Ni phase distributed in the EC matrix boundaries. A single diagram is proposed to relate experimental values of tensile, wear, and corrosion properties to each kind of microstructure (EC and Al 3 Ni + EC), exhibiting distinct behaviors, i.e., the Al–8wt.%Ni alloy with an EC microstructure is shown to provide higher tensile and wear resistances, whereas the best corrosion resistance and medium wear resistance can be assigned to the Al–8wt.%Ni alloy with an Al 3 Ni + EC microstructure.