Novel lightweight composites consisting of an Al matrix reinforced with short Fe-based metallic glassy fibers have been fabricated by powder metallurgy. A detailed microstructural characterization was carried out along with the analysis of their mechanical properties. The results reveal that the strength of the composites is greatly enhanced by the addition of the short glassy fibers, while maintaining good ductility. The yield strength increases by two and three times, with respect to pure Al matrix, for the composites reinforced with 20 and 40 vol.% of glassy fibers, respectively. The investigation on the fracture behavior reveals that the strengthening effect is strongly dependent on the fiber orientation and length.