The corrugated cold rolling bonding (CCRB) process, as a new rolling technique, has gained widespread attention in the preparation of metal composite plates. However, the mechanical properties of corrugated composite plates and the microstructure of the interface at different reduction levels are not yet clear. Numerical simulation and experimental methods were employed to investigate the preparation of Cu/Al corrugated composite plates under reduction levels of 55%, 60%, 65%, and 70%. A three-dimensional model was established by finite element simulation software ABAQUS to simulate the normal stress and strain curves during the rolling process. The interface morphology of the composite plate was characterized by scanning electron microscopy, electron backscatter diffraction, and X-ray energy dispersive spectroscopy. Results show that the ultimate tensile strength and shear strength reach the maximum values at a reduction level of 65%, measuring 221.08 and 79 MPa, respectively; while they reach the minimum values at a reduction level of 55%, measuring 169.34 and 45 MPa, respectively. Particularly, at reduction levels of 65% and 70%, the composite plate exhibits elongated grains and fine equiaxed grains due to severe plastic deformation. At a reduction level of 70%, excessive rolling force causes microcracks in the matrix metal, leading to a decrease in tensile performance, which is consistent with the mechanical test results.