To improve the dielectric performance of the anodic alumina film used in aluminum electrolytic capacitors, this study comparatively investigated the microstructure and dielectric properties of anodic aluminum oxide obtained through micro-arc oxidation (MAO) and conventional anodic oxidation (CAO). It is found that from the perspective of microstructure, the internal structure of the MAO treated oxide film has more and larger pores than that of CAO. This was attributed to the generation and overflow of numerous oxygen bubbles from within the oxide film at the locations where plasma sparks occurred during the process, thus forming larger pores. Regarding dielectric properties, the leakage current of the oxide film after MAO treatment was significantly reduced compared to CAO, with reductions of 58%, 56%, 64%, and 74% for the tested electrolytes Y1–Y4, respectively.