Ti/Al/Mg/Al/Ti laminates were fabricated by hot rolling at 450 °C with various rolling reductions, and the relationship between the mechanical properties and microstructures was investigated in detail. Both Al–Mg and Ti–Al interfaces are well bonded without pore, crack, and intermetallics. Mg layer of 50% rolling reduction has the most dynamic recrystallized (DRXed) grains around the deformation bands, and tensile twins appear in Mg layer when the rolling reduction increases to 60%. Large numbers of twins are formed to absorb the further strain as reduction increases. Ti layer shows equiaxed grains, which are not sensitive to thickness strain. Mg layers of laminates with various rolling reductions all exhibit typical (0002) basal texture. Fifty-percent rolling reduction has the largest ultimate tensile strength of 337.8 MPa, which is mainly owing to grain refinement caused by the extensive DRX. The differences of elongation among the three samples with different rolling reductions are small.