In the present study, AA2024/316L stainless steel (SS) metal/metal composites (MMCs) with different 316L SS contents (1–25 wt%) were fabricated by mechanical milling and hot pressing. The effects of 316L SS and intermetallic phase contents on the corrosion and wear performances of the as-prepared MMCs were investigated. It was found that the hardness of the AA2024/25 wt% 316L SS composite increased to 180 HBN, whereas the value was 111 HBN for the AA2024 alloy. The wear rate of the AA2024/25 wt% 316L SS composite (0.03 mm3/m) was lower than that of the AA2024 alloy (0.29 mm3/m) under 20 N load. The corrosion performance of the samples was investigated by potentiodynamic polarization scanning in 3.5 wt% NaCl solution. Corrosion test results revealed that the corrosion resistance of the AA2024/1 wt% 316L SS composite (3.58 mpy) was better than that of the base alloy (9.27 mpy). Therefore, it can be inferred that Fe–Al intermetallic compounds played an important role in the corrosion and wear properties of the composites.