The complete joining method for dissimilar press punch materials and its real-time evaluation method is not available at present. Brazing method has been used for joining them, but it is known that the welded joint by the brazing has the lower bonding efficiency and reliability than the diffusion welding. The friction welding with a diffusion mechanism in bonding was applied in this study. This work was carried out to determine the proper friction welding conditions and to analyze mechanical properties of friction welded joints of sintered carbide tool materials (SKNM50 for the blade part of press punch) to alloy steel (SCM440 for the shank part of press punch) using aluminum (A6061 for the interlayer material) as an insert material between the sintered carbide tool materials and the alloy steel. In addition, acoustic emission test was carried out during friction welding to evaluate the weld quality.