Solid-state dissimilar bi- or multi-metallic bonding is promising for achieving lightweight or multifunctional components in automotive, nuclear power and aerospace industries. To understand how to achieve a high-quality bonding interface between dissimilar materials, aluminium alloy (Al)–steel (Fe) bimetal gears manufactured under hot forge bonding were systematically investigated. In this work, comprehensive analyses of forge bonding mechanics, microstructure features, bonding interface behaviours and resulting mechanical properties were undertaken using ex/in-situ experiments and finite element modelling. The results revealed that the bonding behaviour and microstructure evolution were significantly affected by the mechanical property mismatch between the two dissimilar workpieces (AA6082 and E355). This mismatch could be effectively adjusted by setting different forging temperatures. The interfacial bonding strengths of AA6082 and E355, manufactured at low and high temperatures, were observed to be governed by interdiffusion and oxide particles, respectively. Balancing interdiffusion and oxide breaking appears to be key to achieving optimized interface strength for dissimilar bimetallic forge bonding technology.