The invention discloses continuous casting equipment and a continuous casting method for magnesium alloy and aluminum alloy ingot blanks. The continuous casting equipment comprises a mold and a dummy ingot block, a liquid level control lever, an internal cooling device, an oil way lubricating system and a split plate are further arranged in the continuous casting equipment, the internal cooling device comprises an internal cooling core pipe, an internal cooling head, a water inlet pipe, a sealing ring, a vibration head, an eccentric wheel, a variable-speed motor, a shell, a water outlet pipe, a spring and the like, the eccentric wheel is driven by the variable-speed motor, the upper end of the vibration head is connected with the eccentric wheel, the lower end of the vibration head and the upper end of the internal cooling head are fixedly connected into a whole and placed in a slide way defined by an upper plate and a lower plate, and the water inlet pipe is communicated with the internal cooling core pipe, an inner cavity of the internal cooling head and the water outlet pipe. When the continuous casting equipment for the magnesium alloy and aluminum alloy ingot blanks is operated, the internal cooling head of the internal cooling device is placed in the middle of a cast ingot to cool the center of the cast ingot, and accordingly, the quality of the center of the cast ingot is improved remarkably.