Functionally graded (FG) Al-SiC P composites fabricated via centrifugal casting are widely used in automobile components particularly a brake rotor disc because of its high SiC fraction at the outer periphery. However, when operated in corrosive environment like road deicing salts the disc is highly sensitive to the corrosion due to high SiC fraction. But, the nanocrystalline (NC) structured surfaces synthesized by severe plastic deformation (SPD) method have excellent wear and corrosion resistance at the surface. Therefore, shot peening (SP) as a SPD method conducted on one side of the stir casted FG Al composite having 10 wt% SiC P constant reinforcement in order to create NC structured surface. The SP treatment continued for 70 s and 140 s durations. Thereafter, the surface characteristics of the composite before and after SP were estimated by XRD and then the composites were tested by wear and corrosion tests. The results revealed that the SP for 140 s duration favors the induction of hardened layer, higher grain refinement (NC structure) and dislocation density which promotes the occurrence of high surface hardness, thus significantly improving its wear properties. However, higher dislocation density resulted from longer duration shown deterioration to the corrosion resistance. Whereas, the attained degree of NC structure is more pronounced over dislocation density resulted after 70 s SP duration, thereby composite showed excellent corrosion resistance. Thus, the composite with 70 s duration possessed excellent corrosion and relatively good wear properties too.