Dissimilar material (Al and steel) tubes have been successfully joined together using magnetic pulse welding technique by setting optimized parameters i.e., discharge voltage and standoff distance. The welded interface has revealed an irregular wavy morphology with melt pockets (max. width ∼20 μm) consisting of intermetallic compound embedded in elemental mixture. High resolution electron microscopy and compositional analysis through energy dispersive x-ray spectroscopy (EDXS) have revealed the formation of 2–3 μm long rod-shaped Fe-Al intermetallic compound. Non-destructive ultrasonic C-scans of the sample welded at 15.5 kV discharge voltage and 1.25 mm air gap have indicated sound welds between the two materials depicting 80% joint integrity while considering the backwall reflection threshold at 50%. The corrosion behaviour at the weld interfaces has been investigated in aqueous solution of 3.5 wt. % NaCl using both potentiodynamic and immersion tests revealing the influence of the intermetallic compound layer on corrosion.