The wavy interface for similar or the same metal explosive welding (EXW) and the universal mechanism of wavy interface formation in EXW were studied in this work. Based on a new established model, it was deduced that the evolution frequencies of the instability were constrained in a limited range. Then experiments of identical metal EXW were performed and welding interfaces were characterized for examining the final morphology. By calculating the fractal dimensions and multifractal spectra of welding interface, the fractal characteristics of interface were revealed and a quantitative description was achieved for EXW interface structure. Thus, the formation, evolution and final morphology of wavy interface were systemically researched.