Explosive Welding (EXW) is one of the solid-state joining techniques. A controlled explosion takes place on the surface of the flyer plate, which results in the bonding with base plate. There are basically two type of materials that can be welded together, i.e., similar and dissimilar materials. In this review paper we did a detailed study on the recent work done in this field. We also examined the micro and macro structural properties of the welded composites, briefly. Further we focused on how strong bonding enhanced corrosion resistivity in the composite formed. Detonation velocity plays an important role in the strength of bonding. From the study of all researches referenced in this paper we found that firstly, same element can behave differently in different scenario. Secondly, how bonding between multi-layer elements is depended upon welding position and detonation velocity.