The invention relates to an aluminum steel compound board. The aluminum steel compound board comprises a substrate steel plate and a composite aluminum alloy plate, wherein the compound board is formed by different temperature rolling and compounding to a steel plate heated to the temperature of 100 degrees and 120 degrees and a normal temperature aluminum alloy plate. The invention further relates to a compounding method of the aluminum steel compound board, and the compounding method comprises the following steps: preparing and compounding the required steel plate and the composite aluminum alloy plate; heating the steel plate to reach a temperature of 100 to 120 DEG C; stacking up the heated steel plate and the normal temperature aluminum alloy plate; and rolling and compounding the stacked up steel plate and the aluminum alloy plate. Due to the adoption of the technical scheme provided by the invention, the compound board is processed through a different temperature rolling and compounding method, the compounding and processing rolling reduction is reduced, requirements to rolling equipment are met, moreover, energy consumption is lowered, and the compounding and rolling cost is reduced.