Hypoeutectic and eutectic Al–Cu composites with 5% wt. of graphite additives are prepared using mechanical alloying (MA) of elemental powders and following hot pressing of mixtures at 480–510°C and 30 MPa. The obtained powders and sintered samples are studied using X-ray diffraction (XRD), scanning electron microscopy (SEM), and differential scanning calorimetry (DSC). The MA during 8 hours of all powder compositions results in the formation of Cu$_9$Al$_4$ and CuAl$_2$ phases as well as Al(Cu) solid solution. Subsequent sintering leads to the decomposition of the metastable Cu$_9$Al$_4$ phase. As shown, the crystalline structure of graphite additives transforms into amorphous one during MA, while the consequent sintering results in the Al$_4$C$_3$ carbide formation. Moreover, the introduction of graphite additives leads to increasing of both the highly dispersed particles amount in mechanically alloyed powder and the volume fraction of metastable Cu$_9$Al$_4$ and stable CuAl$_2$ intermetallic phases. The effects of both graphite additives and Cu content (17 and 33% wt.) on microstructure and mechanical properties of sintered Al–Cu composites are considered. Possible strengthening mechanisms for Al–Cu and Al–Cu/C composites are discussed.