An ultrafine grained complex aluminum alloy was fabricated by an accumulative roll-bonding (ARB) process using dissimilar aluminum alloys of AA1050 and AA5052 and subsequently annealed. A two-layer stack ARB process was performed up to six cycles without lubricant at an ambient temperature. In the ARB process, the dissimilar aluminum alloys, AA1050 and AA5052, with the same dimensions were stacked on each other after surface treatment, rolled to the thickness reduction of 50%, and then cut in half length by a shearing machine. The same procedure was repeated up to six cycles. A sound complex aluminum alloy sheet was fabricated by the ARB process, and then subsequently annealed for 0.5h at various temperatures ranging from 100 to $350^{circ}C$. The tensile strength decreased largely with an increasing annealing temperature, especially at temperatures of 150 to $250^{circ}C$. However, above $250^{circ}C$ it hardly decreased even when the annealing temperature was increased. On the other hand, the total elongation increased greatly above $250^{circ}C$. The hardness exhibited inhomogeneous distribution in the thickness direction of the specimens annealed at relatively low temperatures, however it had a homogeneous distribution in specimens annealed at high temperatures.