In order to reduce cost and to fully utilize the excellent corrosion resistance of nickel materials, pure nickel N6 with thickness of 1 mm was selected as the flyer plate, and the medium carbon steel 45# with thickness of 3 mm was used as the base plate for explosive welding tests. The dynamic parameters were calculated through the explosive welding window, and the interface bonding morphology and elements were analyzed by metallographic optical microscope and scanning electron microscope. The mechanical properties of the composite plate were tested through shear tests, and the explosive welding process was simulated by AUTODYN. Results indicate that there is a boundary effect near the explosion point, and the bonding interface along the explosion welding direction changes from the flat state to the stable wavy interface. The thickness of the element diffusion layer near the interface is 20 μm, and the wavy diffusion layer increases the bonding area, which is conducive to the metallurgical bonding. The shear strength of the composite plate reaches 325.5 MPa. Numerical simulation analysis results demonstrate that the simulated interface morphology is consistent with the experiment results. The simulation results show that the velocity and plastic deformation degree of the characteristic points are basically consistent with the experimental results.