The bimetal composite pipe has found wide ranging applications in engineering owing to its excellent mechanical and physical performances. However, the interlaminar cracks which are usually invisible and inaccessible may occur in the bimetal composite pipe and are difficult to detect. The ultrasonic interface wave, which propagates along the interface with high displacement amplitudes and low dispersion at high frequencies, provides a promising nondestructive testing (NDT) method for detecting cracks in the bimetal composite pipe. In this study, the interlaminar crack detection method in the steel–titanium composite pipe is investigated analytically and experimentally by using interface wave. The interface wave mode in steel–titanium composite pipe is first identified and presented by theoretical analyses of dispersion curves and wave structures. The selection of suitable excitation frequency range for NDT is discussed as well. Then an experiment is conducted to measure the interface wave velocities, which are in good agreement with the corresponding numerical results. In addition, interlaminar cracks with different locations in steel–titanium composite pipe are effectively detected and located, both in the axial and circumferential directions. Finally, the relationship between the reflection coefficient and the crack depth is experimentally studied to predict the reflection behavior of interface wave with crack. The numerical and experimental results show the interface wave is sensitive to interfacial crack and has great potentials for nondestructive evaluation in the bimetal composite pipe.