AgNi10/Cu/Fe layered composites were prepared by cold roll bonding with equal-roller-diameter and equal-rolling-speed. The interface bonding mechanism was investigated. The raw tapes of the AgNi10, Cu and Fe were singly annealed before bonding so as to obtain homogeneous recrystallized microstructures and similar hardness. The surfaces to be bonded were cleaned by a scratch brush just before entering the roll gap. After bonding, the peeled interfaces of the composites were analyzed by SEM and EDS. Results show that the bonding mechanism of the as-rolled interfaces is primarily cracking. During roll bonding, the work-hardened surface layers are fractured. Virgin metals of the softer layers (AgNi10 and Cu for AgNi10/Cu and Cu/Fe respectively) are extruded from the cracks and bonded with the harder ones (Cu and Fe). The bonding strength is greater than the fracture strength of AgNi10 and Cu in AgNi10/Cu and Cu/Fe.