This study introduces an innovative approach to fabricating aluminum foam sandwich with aluminized steel faceplates through metallurgical bonding. The process involves the use of foamable precursor, prepared via melt stirring, and subsequent hot pressing and foaming, offering a cost-effective and industrially feasible method for producing lightweight structural materials and connection of steel/aluminum dissimilar metals. This study focuses on exploring the changes in the microstructure of the bonding interface before and after foaming, and revealing the impact of these changes on the tensile results. Foaming experiment shows that foamable sandwiches have superior foaming ability, and the core layer density after foaming is between 0.283 and 0.591 g/cm ³. Microstructural characterization results demonstrate that, during the hot pressing process, fine equiaxed grains are observed on the iron side of the interface, indicating dynamic recrystallization occurred. The formation of a small amount of η-Al5Fe2 at the interface is a primary factor causing the deflection of the fracture path. Subsequently, during the foaming process, intermetallic compounds (IMCs) θ-Al13Fe4, τ5-Al7Fe2Si, and β-Al4.5FeSi formed sequentially, mainly determined by the diffusion reaction of silicon elements. The formation of these IMCs led to an increase in microhardness at the interface and a decrease in shear strength. Digital image correlation was utilized to examine strain distribution under tensile loading. The result indicates that the damage accumulation is characterized by the formation and expansion of strain bands, with failure manifested as the interconnection of these strain bands.