Laminated metal composites (LMCs) of 1060Al/AlSn20Cu/1060Al/steel were fabricated by cold roll bonding, and the effects of rolling reductions on the microstructure and mechanical properties were characterized. The microstructure was observed by scanning electron microscopy (SEM) and electron backscatter diffraction (EBSD), and the mechanical properties were examined by tensile tests. The initial rolling reduction was 17%, and the minimum stable rolling reduction was 40%. Results show that the increase in rolling reduction causes an elongation of the Sn phases in the AlSn20Cu layer and lengthening of grains in the steel layer along the rolling direction, whereas the 1060Al layers shows equiaxed grains. The tensile strength and interfacial bonding strength of the composite sheets increase while the elongation decreases with increasing rolling reduction. The fracture of the AlSn20Cu layer is related to the Sn phase.