In this paper, the microstructure and properties of a Ti/Mg alloy clad plate manufactured by explosive welding were studied. The bonding interface was inspected by ultrasonic examination (US). The microstructure and the composition of the clad were characterized by OM and SEM. Properties were inspected by tensile test, shearing test, microhardness test and electrochemical corrosion. The results showed that the bonding interface of the clad plate was made up of straight areas and wavy areas. In straight areas, element diffusion occurred across the bonding interface. Additionally, in wavy areas, a melting zone occurred in the Mg alloy layer near to the bonding interface. Lots of light particles embedded on the melting zone. Tensile test results were comparable with the Ti sheet and the ultimate tensile strength of the clad plate demonstrated an 18% increase. The shearing strength of the clad plate was about 68–87 MPa. The microhardness of the clad plate was higher than that of the original sheets from the interface to 300 μm away. At over 300 μm, the microhardness of the clad plate decreased and approached the original sheets. Compared with the straight area, the hardness of the Mg alloy layer in the wavy area close to the interface increased by 12%. Corrosion results showed that the corrosion potential (Ecorr) absolute value of the clad plate increased by 24%, and the corrosion current density (icorr) value was 4 orders of magnitude lower, compared with the Mg alloy sheet. It was clear that the corrosion resistance of the clad plate was higher than that of the Mg alloy sheet. Cladding Mg alloy and Ti by explosive welding would improve the industrial applications of magnesium materials.