Interfacial structure greatly affects the mechanical properties of laminated plates. However, the critical material properties that impact the interfacial morphology, appearance, and associated bonding mechanism of explosive welded plates are still unknown. In this paper, the same base plate (AZ31B alloy) and different flyer metals (aluminum alloy, copper, and stainless steel) were used to investigate interfacial morphology and structure. SEM and TEM results showed that typical sine wave, wave-like, and half-wave-like interfaces were found at the bonding interfaces of Al/Mg, Cu/Mg and SS/Mg clad plates, respectively. The different interfacial morphologies were mainly due to the differences in hardness and yield strength between the flyer and base metals. The results of the microstructural distribution at the bonding interface indicated metallurgical bonding, instead of the commonly believed solid-state bonding, in the explosive welded clad plate. In addition, the shear strength of the bonding interface of the explosive welded Al/Mg, Cu/Mg and SS/Mg clad plates can reach up to 201.2 MPa, 147.8 MPa, and 128.4 MPa, respectively. The proposed research provides the design basis for laminated composite metal plates fabrication by explosive welding technology.