In this study, a new deep-penetration variable-polarity tungsten inert gas (DP-VPTIG) welding process, which is performed by a triple-frequency-modulated pulse, was employed in the welding fabrication of 8 mm AA7075 aluminum plates. The electric signal, arc shape, and weld pool morphology of the welding process were obtained by means of high-speed photography and an electric signal acquisition system under varying parameters of the intermediate frequency (IF) pulse current. The principle of the arc characteristics and the dynamic mechanism of the weld melting during the process are explained. In addition, the macroforming, microstructure, and microhardness of the welded joints were investigated. The results indicate that, with an intermediate frequency pulse of 750 Hz, the arc displayed a higher energy density and a more effective arc contraction, which improved weld appearance and penetration. Moreover, the impact and stirring action of the arc refined the microstructure grains of the weld center. Therefore, this new welding method is feasible for welding medium-thickness aluminum alloy plates without a groove.