The self-developed taper barrel rheomoulding (TBR) machine for light alloy semi-solid slurry preparation was introduced. The semi-solid slurry was obtained from the intense shearing turbulence of the alloy melt in the cause of solidification, which was further caused by the relative rotation of the internal and external taper barrel whose surface contained wale and groove. The heat transmission model of TBR process, the flow rules and the shearing model of the alloy melt were deduced. Taking A365 as experimental material, the microstructure evolution rules under different slurry preparation processes were analyzed. The results show that decreasing the pouring temperature of A365 alloy melt properly or increasing the shearing rate helps to obtain ideal semi-solid microstructure with the primary particle size of about 70 μm and the shape factor of above 0.8.