Using optical microscopy and field emission high-resolution electron microscopy, the microstructure and micro-cracks of the 0.2 mm thick cross-rolled molybdenum strip, its cold deep drawing parts and laser shock forming parts under high strain rate were observed and analyzed. The results showed that the cross-rolled molybdenum strip was composed with mutual overlapping and compact slender fibrous grains. Tensile fracture exhibited thin layers of ductile fracture and microcracks overlapping each other within the fibrous grains of polycrystalline molybdenum strip. And the microcracks appeared in the middle region of the thickness direction where intergranular combination was weak. Only when internal tensile stress was greater than the bonding strength of weak interface, microcracks were generated on the weak interface.