The microstructure and the shear strength of titanium explosive-rolled clad plate at different rolling temperatures and rolling reductions were analyzed. The shear strength was determined by tensile shear test, and the microstructure was observed by optical microscopy, X-ray diffraction, scanning electron microscope and transmission electron microscope. The results show that upon decreasing of starting rolled temperature and pre-heat temperature, the shear strength of the titanium explosive-rolled clad plate increases. During the pre-heat treatment process, the compounds including TiC and Ti-Fe intermetallics are formed at the interface due to diffusion of carbon and iron. These compounds are harmful to interfacial bonding strength. It is also revealed that the shear strength increases with the increasing of rolled reduction in thickness at any specific temperatures. Under the rolling pressure, the interface shape transforms from a wavy to straight, and the interfacial intermetallic compounds are broken. Big reduction leads to a higher fragmentation degree of the discontinuously distributed intermetallic compounds, which improves the shear strength of the composites.