Al alloy/steel composite structures combine the advantage of a lightweight Al alloy and high-strength steel and are widely used in new energy vehicles, solar photovoltaic, and other fields. The main problems with the connection of an Al alloy and steel are poor weld formation and difficulty in controlling the thickness of the intermetallic compounds (IMCs) at the interface of the Al alloy and steel, which deteriorates the mechanical properties and corrosion resistance of the Al alloy/steel joints. Therefore, experiments on Al alloy/steel CMT (cold metal transfer, CMT) welding brazing were conducted by using AlSi5 and AlSi12 flux-cored welding wires as filler metals. The macro morphology, microstructure composition, tensile strength, and corrosion resistance of the Al alloy/steel joints were then analyzed. The mechanism of the Noclock flux on the wettability and spreadability of the Al–Si welding wire to a low-carbon steel surface was discussed and the formation behavior of the IMCs at the interface layer of the Al alloy/steel joints was clarified. The results showed that the NH4F and NH4AlF4 of the Noclock flux induced and accelerated the removal of oxide films on the surface of the Al alloy and Al–Si welding wire at a high temperature. It promoted the wettability and spreadability of the Al–Si welding wire, which resulted in the improvement of the Al alloy/steel joint formation. Under the CMT arc heat source, the Al–Si welding wire melted, and then a chemical metallurgical reaction occurred among the Al, Si, and Fe elements. The τ5-Al7.2Fe1.8Si phase formed preferentially near the Al alloy fusion zone while the θ-Fe (Al, Si)3 phase formed near the steel side. Actually, the interface reaction layer was composed of a double-layer compound including the τ5-Al7.2Fe1.8Si phase and θ-Fe (Al, Si)3 phase. Additionally, the IMC thickness of the Al alloy/steel joint with the AlSi12 flux-cored welding wire was 3.01 μm, which was less than that with the AlSi5 flux-cored welding wire, so its tensile strength was less but its corrosion resistance was superior. The main reason for the corrosion resistance of Al alloy/steel joints was the presence of a large amount of Al2O3, FeO, and Fe2O3 in the passive film.