Abstract: This review provides a comprehensive overview of recent advancements in aluminum-based conductor alloys engineered to achieve superior mechanical strength and thermal stability without sacrificing electrical conductivity. Particular emphasis is placed on the role of microalloying elements—particularly Sc and Zr—in promoting the formation of coherent nanoscale precipitates such as Al₃Zr, Al₃Sc, and core–shell Al₃(Sc,Zr) with metastable L1₂ crystal structures. These precipitates contribute significantly to high-temperature performance by enabling precipitation strengthening and stabilizing grain boundaries. The review also explores the emerging role of other rare earth elements (REEs), such as erbium (Er), in accelerating precipitation kinetics and improving thermal stability by retarding coarsening. Additionally, recent advancements in thermomechanical processing strategies are examined, with a focus on scalable approaches to optimize the strength–conductivity balance. These approaches involve multi-step heat treatments and carefully controlled manufacturing sequences, particularly the combination of cold drawing and aging treatment to promote uniform and effective precipitation. This review offers valuable insights to guide the development of cost-effective, high-strength, heat-resistant aluminum alloys beyond conductor applications, particularly those strengthened through microalloying with Sc and Zr.