In this study, a novel non-contacting electromagnetic cold expansion process was proposed to improve the fatigue performance of hole component using a single power supply and a single coil. The stress state and deformation of the 6063-T6 aluminum alloy hole component during the electromagnetic strengthening process were investigated through numerical simulation. The residual stress around the hole edge was measured using XRD. Fatigue testing was performed to verify the effectiveness of the process on improving the fatigue life of the hole component. Results showed that the proposed electromagnetic strengthening process could effectively improve the fatigue life of the hole component. Fatigue life of the specimen via electromagnetic treatment is 3.42 times of that of the original specimen at a maximum stress of 120 MPa. Simulation results indicated that the generation of compressive residual stress was attributed to the falling stage of the pulse current, and the maximum compressive residual stress was −102 MPa.