In order to explore the stress-strain characteristics and microstructure evolution of Cu/Al composite plate during corrugated rolling, a three-dimensional finite element model was established. The accuracy of the model was verified by rolling experiments. The compressive stress, shear stress, and equivalent strain at the characteristic position of rolling deformation zone were extracted and their distribution characteristics were analyzed. In addition, the morphology of the bonding interface and mass fraction of Al on Cu plate side were characterized by scanning electron microscopy. The results show that when the reduction rate is 50%, the compressive stress reaches the maximum value (1 306.28 MPa), and the equivalent strain reaches the maximum at the front waist near the outlet. The corrugated rolling process produces three rolling zones, which promotes the surface metal rupture and the outflow of fresh metal, and facilitates the bonding of dissimilar metals. The mass fraction of Al at multiple positions on the Cu plate side at outlet exceeds 40%. The front waist of Cu plate bears severe deformation, and is obviously thinner than the back waist.