Following the advent of three-dimensional (3D) printing technology, multi-material 3D printing has garnered significant attention due to its potential to enhance the flexibility and development of high-performance 3D printing materials. This study investigated the application of explosive welding to create multi-material 3D printed structures. Specifically, we explored the use of direct and interlayer explosive welding to fabricate SLM-AlSi10Mg/SLM-SUS316L explosive composites with the aim of further improving material properties. Our primary objective was to explore the unique interfaces and mechanical characteristics of 3D printed materials subjected to explosive impact loading. This study provides a new idea of 3D printing multi-materials, which is of great significance for the development of both explosive welding and 3D printing. The results demonstrated the feasibility of using explosive welding to create multi-material composites from 3D printed metals, including both direct and interlayer welding of SLM-AlSi10Mg/SLM-SUS316L. Interlayer welding exhibited superior mechanical performance compared to direct welding, with a 70%–250% increase in strength observed in the macro tensile shear test. Additionally, samples fabricated with a 40 mm explosive thickness displayed more stable and exceptional performance in the micro tensile test. Corrosion testing and X-ray computed tomography (XCT) analysis were employed to investigate the distribution of pores within the 3D printed materials.