We introduce EzAudio, a text-to-audio (T2A) generation framework designed to produce high-quality, natural-sounding sound effects. Core designs include: (1) We propose EzAudio-DiT, an optimized Diffusion Transformer (DiT) designed for audio latent representations, improving convergence speed, as well as parameter and memory efficiency. (2) We apply a classifier-free guidance (CFG) rescaling technique to mitigate fidelity loss at higher CFG scores and enhancing prompt adherence without compromising audio quality. (3) We propose a synthetic caption generation strategy leveraging recent advances in audio understanding and LLMs to enhance T2A pretraining. We show that EzAudio, with its computationally efficient architecture and fast convergence, is a competitive open-source model that excels in both objective and subjective evaluations by delivering highly realistic listening experiences. Code, data, and pre-trained models are released at: https://haidog-yaqub.github.io/EzAudio-Page/.