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Laminated metal composites (LMCs) are a unique composite material and have great application prospects in automobiles, ships, aircraft, and other manufacturing industries. As lightweight materials, the Mg/Al LMCs are expected to combine the advantages of both Mg and Al alloys to broaden their application prospects. Roll-bonding is the most popular process for the fabrication of Mg/Al LMCs due to high production efficiency and good product quality stability. The roll-bonding process involves the deformation of the substrates and the formation of the interfacial diffusion layer. The latter will directly determine the interface bonding strength of Mg/Al LMCs. Bonding strength is very sensitive to the thickness of the reaction layer in the diffusion layer. When the thickness of the reaction layer exceeds 5 µm, the bonding strength decreases sharply. Therefore, controlling the thickness of the reaction layer is very important for the design of rolling parameters. The latest research also showed that the addition of intermediate layer metal and the construction of three-dimensional interfaces can further improve the interface bonding strength. How to apply these methods to roll-bonding is the focus of future research. Recently, a new rolling technique, corrugated roll/plat roll rolling+flat roll/flat roll rolling has been developed to fabricate Mg/Al LMCs. It can effectively promote the deformation of the hard layer and generate a wavy interface, resulting in the enhancement of the bonding quality and rolling quality. In the current review, the effects of rolling parameters and subsequent annealing on the interface structure of Mg/Al LMCs were elaborated in detail. The application of some special rolling techniques in the preparation of Mg/Al LMCs was also summarized. The latest research results on the relationship between interface structure and mechanical properties of Mg/Al LMCs were reviewed. Finally, further research directions in this field were proposed.