Hybrid reinforced magnesium matrix composites incorporate two or more reinforcement phases with different properties into the matrix, leveraging the advantages of each reinforcement phase and the matrix to achieve composites with excellent comprehensive performance. This study investigated the effects of squeeze casting and continuous squeeze casting-extrusion on the microstructure and mechanical properties of 0.5 wt.% Tip /AZXW9100, 0.5 wt.% TiB2p /AZXW9100, and 0.5 wt.% Tip +0.5 wt.% TiB2p /AZXW9100 magnesium matrix composites. The results show that the addition of either 0.5 wt.% Tip or 0.5 wt.% TiB2p alone can refine the as-cast matrix grains of the composites. The most significant grain refinement effect (from 118.25 μm to 53.79 μm) is achieved when 0.5 wt.% Tip and 0.5 wt.% TiB2p are added together. With the addition of 0.5 wt.% Tip , the β-Mg17 Al12 phase in the composite is significantly refined, and the area fraction of the second phase decreases compared with that of the matrix alloy, becoming the lowest among the three materials. In contrast, the addition of 0.5 wt.% TiB2p increases the size of the β-Mg17 Al12 phase and results in the highest second-phase area fraction. When 0.5 wt.% Tip and 0.5 wt.% TiB2p are added together, the β-Mg17 Al12 phase is significantly refined compared with the addition of 0.5 wt.% TiB2p alone, and the second-phase area fraction (5.175%) lies between that of the individual additions of 0.5 wt.% TiB2p (5.694%) and 0.5 wt.% Tip (3.642%), although it remains higher than that of the matrix alloy  (4.433%). The addition of Tip or TiB2p alone weakens the texture strength of the matrix, whereas the combined addition of 0.5 wt.% Tip +0.5 wt.% TiB2p results in the lowest matrix texture strength. The addition of 0.5 wt.% TiB2p improves the strength of the composite but reduces its elongation. In contrast, the addition of 0.5 wt.% Tip slightly increases the strength but significantly improves the elongation. When 0.5 wt.% Tip and 0.5 wt.% TiB2p are added together, the composite achieves a yield strength of 211 MPa and a tensile strength of 318 MPa, representing increases of 13.4% and 7.4%, respectively, compared with those of the matrix alloy, while maintaining an elongation of 14.9%. This demonstrates a combination of high strength and excellent toughness.