Hybrid laminates with continuous fiber reinforcement, such as glass reinforced aluminium laminate (GLARE), aramid reinforced aluminum laminate (ARALL), or carbon reinforced aluminum laminate (CARALL), have been developed to increase the lightweight potential and fatigue resistance applied for aircraft structures. However, the use of thermosetting matrices imposes material limitations regarding recycling, malleability, and manufacturing-cycle times. The inverse hybrid laminate approach is based on a continuous fiber-reinforced thermoplastic matrix, in which a metal insert is integrated. For efficient manufacturing of the novel composites in high-volume production processes, conventional sheet metal–forming methods have been applied. It helped to reduce the cycle times and the costs of the forming equipment compared to currently used hybrid laminate-processing technologies. The present study analyzes the damage to the inverse hybrid laminate structures resulting from the interlaminar shear strength test. The tests were performed for eight laminate material configurations, which differed by the type and directions of the reinforced glass and carbon fibers in the polyamide matrix and the number of the fiber-reinforced polymer (FRP) layers in the laminates. Industrial computed tomography and scanning electron microscopy were used for analysis. Observed damages, including fiber–matrix debonding, fiber breakages, matrix fractures, interfacial debonding, and delamination in selected areas of the material, are strictly dependent on the laminate configurations. FRP layers reinforced by fibers perpendicular to the bending axis presented better resistance against fractures of the matrix, but their adhesion to the aluminum inserts was lower than in layers reinforced by fibers parallel to the bending axis.