Mg-5Li-1Al sheet and Mg-12Li-1Al sheet are used to prepare a/b Mg-Li composite sheets with accumulative roll bonding (ARB). The microstructure, texture, and mechanical properties of the specimens are investigated. Results show that, Mg-5Li-1Al alloy and Mg-12Li-1Al alloy alternatively distribute with uniform deformations and a good continuity, during the ARB process. With the increase in ARB passes, the hardness values of a layer and b layer increase, and the strength of composite sheet first increases, then maintains in a stable range. During the initial several passes, the elongation decreases, and it increases again after five passes. As for the texture density, with the increase in ARB passes, it first increases, then decreases. In the interface areas between sheets, a cross shear zone exists.