The laminated metal materials are widely used in military, automobile and aerospace industries, but their dynamic response mechanical behavior needs to be further clarified, especially for materials with joint interface paralleling to the loading direction. The mechanical properties of TA2/Q345 (Titanium/Steel) laminated metal of this structure were studied by using the split Hopkinson pressure bar (SHPB). To shed light on the stress-state of a laminated metal with parallel structure, the relative non-uniformity of internal stress R(t) was analyzed. The mechanism of deformation compatibility of welding interface was discussed in detail. The current experiments demonstrate that in the strain rate range of 931–2250 s−1, the discrepancies of the internal stress in specimens are less than 5%, so the stress-state equilibrium hypothesis is satisfied during the effective loading time. Therefore, it is reasonable to believe that all stress–strain responses of the material are valid and reliable. Furthermore, the four deformation stages, i.e., the elastic stage, the plastic modulus compatible deformation stage, uniform plastic deformation stage and non-uniform plastic deformation stage, of the laminated metal with parallel structure were firstly proposed under the modulating action of the welding interface. The deformation stages are helpful for better utilization of laminated materials.