The semi-solid transient liquid-phase bonding (Semi-solid TLP bonding) of titanium alloy Ti–6Al–4V to magnesium alloy Mg–AZ31 was performed using a eutectic forming nickel foil. The process parameters were optimized to achieve higher shear strength. The effect of temperature and pressure on microstructure evolution and mechanical characteristics were examined for bonding time between 5 and 60 min. Three reaction layers L1, L2 at Ni/Mg–AZ31 interface and L3 along the Ni/Ti–6Al–4V interface were determined within joint zone at a bonding temperature of 515 °C. The L1 and L2 reaction layers continued to be seen when the bonding temperature increased to 540 °C. When the bonding pressure increases from 0.2 to 0.7 MPa, a new reaction layer L4, at the Ni/Ti–6Al–4V interface was observed. The results showed that as the bonding time increased up to 60 min, the width of the joint decreased due to isothermal solidification. Maximum shear strength of 39 MPa was obtained for 540 °C and 0.2 MPa with a holding time of 20 min. However, further increase in bonding time to 60 min resulted in a decrease in shear strength to 8 MPa, and this decrease in strength was attributed to the increase in intermetallics forming within the joint zone.