In order to study the feasibility of forming microtexture at the surface of 7050 aluminum alloy by laser-induced cavitation bubble, and how the density of microtexture influences its tribological properties, the evolution of the cavitation bubble was captured by a high-speed camera, and the underwater acoustic signal of evolution was collected by a fiber optic hydrophone system. This combined approach was used to study the effect of the cavitation bubble on 7050 aluminum alloy. The surface morphology of the microtexture was analyzed by a confocal microscope, and the tribological properties of the microtexture were analyzed by a friction testing machine. Then the feasibility of the preparation process was verified and the optimal density was obtained. The study shows that the microtexture on the surface of a sample is formed by the combined results of the plasma shock wave and the collapse shock wave. When the density of microtexture is less than or equal to 19.63%, the diameters of the micropits range from 478 μm to 578 μm, and the depths of the micropits range from 13.56 μm to 18.25 μm. This shows that the laser-induced cavitation bubble is able to form repeatable microtexture. The friction coefficient of the sample with microtexture is lower than that of the untextured sample, with an average friction coefficient of 0.16. This indicates that the microtexture formed by laser-induced cavitation bubble has a good lubrication effect. The sample with a density of 19.63% is uniform and smooth, having the minimum friction coefficient, with an average friction coefficient of 0.14. This paper provides a new approach for microtexture processing of metal materials.