A cold roll-bonding process using AA1050 and AA6061 sheets, in which the initial strain of AA1050 is higher than that of AA6061, was employed to fabricate an AA1050/AA6061 layered sheet. The sheet was then annealed at various temperatures ranging from 200 to 400 °C. The as-roll-bonded sheet exhibited a typical deformation structure in which the grains were elongated along the rolling direction. The evolution of the microstructure in the layered sheets varied significantly depending on the location, resulting in an inhomogeneous distribution of hardness along the thickness direction. After annealing up to 300 °C, both the AA1050 and AA6061 regions still mainly exhibited a deformed structure. Complete recrystallization occurred in the specimens annealed at temperatures above 350 °C. The hardness decreased with increasing annealing temperature in both AA1050 and AA6061, but the decrease was greater in the AA6061 region than in the AA1050 region. Resultantly, at 350 °C or higher, hardness was almost the same in all regions. The specimen annealed at 350 °C exhibited the best mechanical properties in terms of the balance between tensile strength and elongation. It is concluded that AA1050/AA6061 layered Al sheets with excellent mechanical properties can also be fabricated by CRB when AA1050 has a higher initial strain than AA6061, and subsequent annealing.