Scanning electron microscopy, transmission electron microscopy, tensile test, exfoliation corrosion test, and slow strain rate tensile test were applied to investigate the properties and microstructure of Al-Zn-Mg-Cu alloy processed by final thermomechanical treatment, retrogression reaging, and novel thermomechanical treatment (a combination of retrogression reaging with cold or warm rolling). The results indicate that in comparison with conventional heat treatment, the novel thermomechanical treatment reduces the stress corrosion susceptibility. A good combination of mechanical properties, stress corrosion resistance, and exfoliation corrosion resistance can be obtained by combining retrogression reaging with warm rolling. The mechanism of the novel thermomechanical treatment is the synergistic effect of composite microstructure such as grain morphology, dislocation substructures, as well as the morphology and distribution of primary phases and precipitations.