This study investigated the morphological evolution behaviors and the mechanical property of the weld interface during explosive welding for the flyer plate and base plate sourcing from the same reduced activation ferrite/martensitic (RAFM) steel. The relationship between fine-grain formation and the occurrence of dynamic recrystallization was analyzed based on the strain and temperature field distributions at the explosive-weld interface. Although post-weld tempering (PWT) treatment eliminated bent martensite laths, but it did not eliminate fine equiaxed grains and δ ferrite grains near the explosive-weld interface; therefore, the PWT treatment improved the mechanical properties of the explosive-weld RAFM steel joint only minimally. However, implementation of a normalizing process after the explosive welding process (“PWN” treatment) significantly eliminated the gradient structure and the residual δ ferrite grains at the explosive-weld interface of the RAFM steel joint. Based on the PWN state, the inclusion of a tempering treatment (“PWNT” treatment) promoted the uniform precipitation of M23C6 carbides, which significantly improved the tensile strengths of the explosive-weld RAFM steel specimens under both room and high temperatures. To study the influence of different microstructures on the plastic deformation behavior at the explosive-weld interface, the representative volume element (RVE) models basing on crystal plasticity finite element (CPFEM) method was constructed for different post-weld heat treatments (PWHTs). At the explosive-weld interface of the PWT-state RAFM steel joint, the plastic deformation was mainly concentrated in the δ ferrite grains, rather than in the fine equiaxed grains. In addition, only minimal deformation concentration was observed for the PWNT-state RAFM steel joint. In order to reveal the independent influence of the fine equiaxed grains at the weld interface on the mechanical properties of explosive-weld RAFM steel joint, the microstructural and mechanical distinctions between the RAFM steel joints in the N-PWT and PWNT states were investigated detailly. Finally, through optimization of the PWHT method, an explosive-weld RAFM steel (PWNT state) joint with a uniform microstructure and ideal mechanical properties was obtained.