The effects of the reduction rate of the corrugated rolling on the microstructure and mechanical properties of TA1/TC4 composite plate that was prepared via corrugated rolling + flat rolling process were investigated. The finite element model was developed and validated for the corrugated rolling process of the composite plate. Experimental findings reveal the absence of significant defects and intermetallic compounds at the bonding interface. When the rolling temperature is 700 °C with the reduction rate of 44% in the first pass of corrugated rolling, the tensile and interfacial shear strengths of the composite plate reach 749 and 403.97 MPa, respectively. The simulation results demonstrate that the plastic strain in the TC4 substrate is enhanced by corrugated rolling and the compressive stress at the trough is high. These results confirm that interfacial bonding is promoted by corrugated rolling, and the mechanical properties of the composite plate are improved significantly with the increase of reduction rate.