A multilayer composite bonding material for transient liquid phase bonding a semiconductor device to a metal substrate includes thermal stress compensation layers sandwiched between a pair of bonding layers. The thermal stress compensation layers may include a core layer with a first stiffness sandwiched between a pair of outer layers with a second stiffness that is different than the first stiffness such that a graded stiffness extends across a thickness of the thermal stress compensation layers. The thermal stress compensation layers have a melting point above a sintering temperature and the bonding layers have a melting point below the sintering temperature. The graded stiffness across the thickness of the thermal stress compensation layers compensates for thermal contraction mismatch between the semiconductor device and the metal substrate during cooling from the sintering temperature to ambient temperature.