KAl (7075) alloy /Mg (AZ31) alloy laminated composite plates were successfully fabricated by the equal channel angular processing (ECAP) by using route A for 1, 2, and 3 passes at 573 K, respectively. After fabrication, the 1-pass ECAPed laminated composite plates were annealed at different temperatures. The microstructure evolution, phase constituent, and bonding strength near the joining interface of Al (7075) alloy /Mg (AZ31) alloy laminated composites plates were evaluated with scanning electron microscopy, X-ray diffraction, and shear tests. The experimental results indicated that a 20 μm diffusion layer was observed at the joining interface of Al (7075) alloy /Mg (AZ31) alloy laminated composites plates fabricated by the 1-pass ECAP, which mainly included Al3Mg2 and Mg17Al12 phases. With the increase of passes, the increase of diffusion layer thickness was not obvious and the form of crack in these processes led to the decrease of bonding strength. For 1-pass ECAPed composites, the thickness of diffusion layer remained unchanged after annealed at 473 K, while the bonding strength reached its maximum value 29.12 MPa. However, after elevating heat treatment temperature to 573 K, the thickness of diffusion layer increased rapidly, and thus the bonding strength decreased.