The microstructures of 7L201 alloy slurry prepared by near-liquidus electromagnetic casting (NLEMC), electromagnetic casting(EMC), and near-liquidus casting(NLC) were investigated by means of electron microscopy and image analysis. Mechanical properties of as-cast alloys were determined. The results show that the NLEMC induces a fine, uniform, and equiaxed grain struc- ture with a mean equal-area-circle grain diameter of 32.8μm. The as-cast alloy has a hardness of HV122.8 and a tensile strength of 368MPa. Both of them are better than those of the alloys pre- pared by EMC and by NLC. The mechanism of grain refinement in the NLEMC alloy slurry was discussed. The microstructures of 7L201 alloy slurry prepared by near-liquidus electromagnetic casting (NLEMC), electromagnetic casting (EMC), and near-liquidus casting (NLC) were investigated by means of electron microscopy and image analysis. Mechanical properties of as-cast alloys were determined. The results show that the NLEMC induces a fine, uniform, and equiaxed grain struc- ture with a mean equal-area-circle grain diameter of 32.8 μm. The as-cast alloy has a hardness of HV122.8 and a tensile strength of 368 MPa. Both of them are better than those of the alloys pre- pared by EMC and by NLC. The mechanism of grain refinement in the NLEMC alloy slurry was discussed.