The beta is targeted at technology enthusiasts, after earlier versions of the browser primarily catered to developers of websites and online applications.
"We want to get them using the product and get us some feedback," Margaret Cobb, group product manager for Internet Explorer at Microsoft, told vnunet.com.
"We still have a few months before we release publicly and we want to make this the best experience possible."
The beta users help to test the product, and Microsoft has promised free technical support over the phone to users in North America, Germany and Japan.
Internet Explorer 7 is slated for release in the second half of this year. A first beta was unveiled in February.
The second beta will not offer any additional features, but will be the first application that runs on the 64-bit version of Windows XP and Windows Server 2003.
The application has been made available in English only. Arabic, Finnish and German versions are scheduled for release on 3 May and a Japanese version on 8 May.
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