This study developed a low-temperature low-vacuum direct bonding process for dissimilar metals via surface modification with formic acid vapor. Robust Cu/Ag and Cu/Zn bonding with a shear strength higher than 25 MPa can be achieved by thermal compression at 275 and 300 °C, respectively. CuZn5 and Cu5Zn8 formed at the interface of Cu/Zn joints, while no distinct interdiffusion layers appeared at the Cu/Ag interface. At elevated temperatures, the shear strength of Cu/Zn joints decreased significantly and turned to be weaker than Cu/Ag at 250 °C due to the softening of Zn. All the joints performed well subjected to thermal cycling up to 1000 times. However, compared with Cu/Ag joints with stable mechanical performance suffering aging at 250 °C, the shear strength of Cu/Zn degraded drastically up to 200 h, and after that it remained almost constant, which can be ascribed to the competitive growth between CuZn5 and Cu5Zn8, resulting in collapse and oxidation of CuZn5.