Cu-Al-Cu laminated composite was prepared with cold roll bonding process and annealing was carried out to study the phase evolution during the annealing process and its effect on the mechanical properties of the composite. The experimental results showed that after annealing the brittle intermetallics in the interface mainly includes Al4Cu9, AlCu and Al2Cu. With the increase of annealing temperature, the tensile strength of the composite decreases and the elongation shows a different variation which increases at the beginning and then decreases after a critical point. This phenomenon is related to the evolution of intermetallic compounds in the interface of the composite. It was also found that the crack source of the tensile sample is in the interface and delamination appeared at high annealing temperature (450 ° / C).