Explosively welded Ti/steel clad plates were one-pass warm rolled by 60%, microstructures of the Ti layer and steel layer adjacent to interface were investigated, and shear strength of the one-pass warm rolled clad plates was tested. Results show that the one-pass warm rolling process can cause obvious shear deformation in both the Ti layer and steel layer adjacent to the interface. Because of the shear deformation, the RD-split basal texture forms in the Ti layer. In the steel layer, high fraction of the rotated cube texture and low fraction of the γ fiber texture form. Compared with the common multi-pass rolling method, shear strength of the one-pass warm rolled Ti/steel clad plate is improved because the shear deformation refines the interfacial compounds.