Diffusion bonding is one of the most important techniques for composite materials, while bonding temperature, holding time,and rolling reduction are the key parameters that affect the bonding strength of sandwich plates. To study the effect of plastic deformation on the bonding strength, laboratory experiments were carried on a Gleeble Thermal Simulator to imitate the diffusion-rolling bonding under different reductions for steel sandwich plates. The bonding strength and interlayer film thickness were measured, and the element diffusion was analyzed using line scanning. The relationship between the bonding strength and “diffused interlayer” thickness was investigated. It has been found that the bonding strength increases with reduction, whereas the interlayer film thickness decreases gradually as the reduction increases. The diffusion under plastic deformation is obviously enhanced in comparison with that of nil reduction. The mechanism of plastic deformation effect on the diffusion bonding and related models have been discussed.