To obtain fine microstructure and homogeneous distribution of alloying elements in the large-sized billet, the internal electromagnetic stirring as a new electromagnetic stirring method was proposed and utilized for the preparation of Ф508 mm 7050 aluminum alloy billet. The results demonstrate that the internal electromagnetic stirring could refine the microstructure and second phase, and alleviated the macrosegregation significantly. The grain size at the edge, 1/2 radius, and center of the billet decreased to 180 μm, 175 μm, and 185 μm, respectively. Moreover, the relative macrosegregation of Zn, Mg, and Cu at the edge and center decreased to 3.9% and 2.8%, 2.3% and 1.6%, 4.1% and 2.5%, respectively.