In this paper, clad sheet bonding by cold rolling has been analyzed in depth using the stream function method and the upper bound theorem. Not only have the curvature, the thickness ratio of the rolled product and rolling force, but also the locations of the neutral points and the bond point have been obtained. It is found that at low total thickness reduction, the neutral point on the upper roll contacting the harder sheet usually more closely approaches the entrance of the roll-gap than does neutral point on the lower roll. As the thickness reduction increases, the difference gradually diminishes and even reverses. It is also found that the location of the bond point at the interface is to some extent related to the initial clad ratio. A smaller the clad ratio before rolling may bring the bond point closer to the entrance of the roll-gap, which means a longer bonded length at the interface. Based on this analysis, some means of contributing to the promotion of bond strength are proposed.