The semisolid slurry of wrought Al alloy 5052 was prepared by the indirect ultrasonic vibration (IUV) method, in which the horn was vibrated under the outside of the metallic cup containing molten alloy, and then shaped by direct squeeze casting (SC). Spherical primary α-Al particles were uniformly dispersed in the matrix and presented a bimodal distribution of grain sizes. The effects of rheo-squeeze casting (RSC) parameters such as squeeze pressure and solid fraction on the microstructure and tensile properties of the semisolid alloy were investigated. The results indicate that average diameters of the primary α-Al particles decreased with the increase of squeeze pressure, while the tensile properties of the alloy increased. With the increase of solid fraction, the tensile strength increased first and then decreased, but the elongation decreased continuously. The best tensile properties were achieved when the slurry with a solid fraction of 0.17 solidified under 100 MPa. Compared to conventional squeeze casting, RSC process can offer the 5052 alloy better tensile strength and elongation, which were improved by 9.7 pct and 42.4 pct, respectively.