Billets of AFS with the thickness of 4.9 millimeters were manufactured by pack rolling process. SEM analysis for interfacial bonding and cell structures of AFS were carried out in detail. The results show that surface quality of the panel after pack rolling is obviously improved as compared to powder composite rolling using Al sheets. Macro-cracks of face sheets also completely disappear. The interfacial bonding in between Al tube and foamable precursor material have no micro-cracks and the existence of gap. Metallurgical bonding between Al face sheets and the core Al foams and uniform cell structures of AFS are achieved as the foaming temperature and foaming time are 700°C and 2 minutes, respectively.