The influence of hot rolling on the microstructure and subsequent mechanical characteristics of explosive-welded ferritic stainless steel (FSS)/carbon steel (CS) laminate was investigated. The results indicate that by hot rolling, decarburization layer disappears and a uniform structure is gained in CS side, but ferrite grains and carbides in constituent FSS form an uneven band microstructure which is denser at superficial zone than near the interface. The transmission electron microscopy results indicate that the layers adhering to the interface show typical deformed microstructure features, i.e., stream-like strips and elongated grains in FSS plates, carbide precipitates and bended cementite fragments in CS plates; and high-density dislocations in both plates. With hot rolling, various mechanical strengths and hardness are increased, while the elongation percentage is diminished. Examination of fractographs from tensile tests reveals predominately small dimples for explosive-welded specimens, whereas both big dimples and cleavage fracture for rolled specimens. Stereomicroscopic fractographs taken on shear samples indicate that the surfaces of explosive-welded specimens exhibit uniform deformation, but uneven deformation is displayed for that of rolled specimens. These results indicate that hot rolling is beneficial to improve the strength of explosive-welded FSS/CS laminate but not good for enhancing its plasticity.