This paper utilized a hot-rolling process to produce composite rods and subsequently manufactured 304/45 composite bolts through the process of drawing and thread rolling. The study focused on examining the microstructure, fatigue performance, and corrosion resistance of these composite bolts. Additionally, the impacts of quenching and tempering on the fatigue performance of the composite bolts were explored and compared to the performance of 304 stainless steel (SS) bolts and Grade 6.8 35K carbon steel (CS) bolts. The results indicate that the SS cladding of the cold-worked 304/45 composite (304/45-CW) bolts was primarily strengthened by the cold deformation mechanism, which resulted in high microhardness, averaging 474 HV. At a maximum surface bending stress of 300 MPa, the fatigue cycles of the 304/45-CW reached 342,600 cycles at a 63.2% failure probability, which was significantly higher than that of commercial 35K CS bolts. The S-N fatigue curves showed that the fatigue strength of the 304/45-CW bolts was approximately 240 MPa, but the fatigue strength of the quenched and tempered 304/45 composite (304/45-QT) bolts decreased significantly to 85 MPa, due to the loss of the cold deformation strengthening effect. The corrosion resistance of the SS cladding of the 304/45-CW bolts was impressive and remained largely unaffected by carbon element diffusion.