Abstract: Q235 carbon steel/304 stainless steel clad plate was fabricated by non-vacuum rolling asymmetric billet with different total reductions (28%-70%).The microstructure, inclusion morphology, hardness and shear strength at interfaces of the clad plate were studied, and the competitive effects of inclusion and decarburization layer on the interface bonding strength were discussed.The results show that with increasing total rolling reduction, the inclusions at the interface of the clad plate changed from concentrated lump to uniform granular.When the total rolling reduction increased from 28% to 47%, the interface inclusion was the main factor affecting the bonding strength; increasing the rolling reduction was beneficial to improve the interface bonding strength.When the rolling reduction increased from 47% to 70%, the grain size on stainless steel sides decreased sharply, the thickness of decarburization layer at carbon steel side increased, and the interface bonding strength decreased; the decarburization layer become the dominant factor affecting the bonding strength.The competitive effects of interface inclusions and decarburization layers on bonding strength could be balanced by controlling the rolling reduction reasonably.