A propagation of ultrawideband electromagnetic pulses (UWB EMPs) through magnetized plasma has been experimentally studied using a “gigantic” coaxial line, which has been developed at IAP RAS for laboratory modeling of ionospheric effects. This coaxial line is 1.4 m in diameter and 10 m in length and is installed inside the chamber of the large-scale Krot plasma device. The line can be filled with rf inductively coupled plasma, magnetized or not. It allows one to explore the propagation of UWB EMPs in plasma along a long path without refraction and divergence and obtain a physical picture of EMP transformation. Under conditions where the duration of the UWB EMP is comparable to the period of electron plasma oscillations (fp−1), the period of cyclotron rotation of electrons (fc−1), or even significantly shorter, a complex of effects of transformation of the waveform and frequency spectrum of the pulse occurs. Without ambient magnetic field, a UWB EMP is distorted due to the effects of the cutoff and frequency dispersion. In dense magnetized plasma, i.e., when fp >> fc, the UWB EMP breaks into two wave packets, the high-frequency one (f > fp) and low-frequency one (f < fc). In rare magnetized plasma (fp << fc), the cyclotron absorption produces a long train of damped oscillations at a frequency close to the cyclotron frequency fc following the UWB EMP.