Flywheel shells with a complex structure and large wall-thickness difference, as key components in heavy trucks, serve to connect the engine and transmission. Formability and mechanical performance control of such components should be taken into consideration. In this work, an Al–Si–Fe–Mn–Mg–Cu alloy was used to manufacture the flywheel shell via squeeze casting. The role of local loading on microstructure and mechanical property at thick-walled positions was investigated. Furthermore, the effect of the squeeze casting specific pressure and heat treatment on the microstructure and mechanical property of the Al–Si–Fe–Mn–Mg–Cu alloy flywheel shells was also analyzed. The results showed that at the thick-walled positions, local loading not only helped eliminate the solidification defects, but also refined the microstructure including α-Al grains and secondary dendrite arm spacing. With increasing the squeeze casting specific pressure from 24 MPa to 32 MPa, microstructure refinement and mechanical property enhancement of squeeze casting flywheel shells were obtained. After T6 heat treatment, the yield strength and ultimate tensile strength of flywheel shells were further increased to 261.8 and 318.4 MPa, respectively, owing to the formation of spherical eutectic Si phases and nano-sized β'', Q and S precipitates.