Metal matrix composites (MMC) find wide ranges of applications in manufacturing due to its lightweight, sound surface and mechanical characteristics. Its valuable applications in defence and space field make it worthy to be explored for possible low cost and ease to use solutions. In this paper, an effort has been made to make a comprehensive review on MMC preparation methods by different routes and materials employed for MMC preparation. Finally, a case study has been reported to suggest a novel way of preparing functionally graded MMC. Three-stage hybridisation is proposed using additive manufacturing-based master pattern, silicon moulding-based replica's prepared using master pattern and investment casted functionally graded MMC using replicas prepared by silicon moulding method.