Three TA2/AA7005 composite plates were manufactured by horizontal twin-roll casting (HTRC) under various external fields, and the formation mechanism of segregation in the cast-rolling clad process as well as the effect of external fields on the segregation behavior, microstructure and properties of the composite plates were studied. In the non-field (NF) plate, due to the high cooling rate and asymmetric heat transfer in the cast-rolling clad process, a central macro-segregation band and an interface segregation band were formed in the aluminum matrix. After applying the electromagnetic oscillation field (EMOF), the electromagnetic oscillation stirring effect was induced in the melt of the cast-rolling zone. The dendrites grown at the solidification front were broken by a shearing force and re-entered the melt. In addition, the temperature gradient at the solidification front decreased, which inhibited the growth of dendrites and avoided blocking the equilibrium distribution of solute elements due to the “bridging” of dendrite arms. After applying the EMOF, the central and interface segregation bands of the composite plate were nearly eliminated and the microstructure became more homogeneous. As a results, under the action of the EMOF, the tensile strength, yield strength, effective elongation, and interfacial bonding strength of the TA2/AA7005 cast-rolling composite plate were 303.8 MPa, 204.7 MPa, 21.6%, and 25.3 N/mm respectively, which were significantly improved in comparation with the NF plate.