The results of experiments on the reproducible generation of an electron beam having a high current density of up to 300 A/cm2 and a satisfactorily uniform cross-sectional distribution of current density in a ∼200 kV, ∼450 ns vacuum diode with a carbon-epoxy capillary cathode are presented. It was found that the source of the electrons is the plasma formed as a result of flashover inside the capillaries. It is shown that the plasma formation occurs at an electric field ≤15 kV/cm and that the cathode sustains thousands of pulses without degradation in its emission properties. Time- and space-resolved visible light observation and spectroscopy analyses were used to determine the cathode plasma’s density, temperature, and expansion velocity. It was found that the density of the cathode plasma decreases rapidly in relation to the distance from the cathode. In addition, it was found that the main reason for the short-circuiting of the accelerating gap is the formation and expansion of the anode plasma. Finally, it was shown that when an external guiding magnetic field is present, the injection of the electron beam into the drift space with a current amplitude exceeding its critical value changes the radial distribution of the current density of the electron beam because the inner electrons are reflected from the virtual cathode.