While previous multimodal slow-thinking methods have demonstrated remarkable success in single-image understanding scenarios, their effectiveness becomes fundamentally constrained when extended to more complex multi-image comprehension tasks. This limitation stems from their predominant reliance on text-based intermediate reasoning processes. While for human, when engaging in sophisticated multi-image analysis, they typically perform two complementary cognitive operations: (1) continuous cross-image visual comparison through region-of-interest matching, and (2) dynamic memorization of critical visual concepts throughout the reasoning chain. Motivated by these observations, we propose the Complex Multi-Modal Chain-of-Thought (CMMCoT) framework, a multi-step reasoning framework that mimics human-like "slow thinking" for multi-image understanding. Our approach incorporates two key innovations: 1. The construction of interleaved multimodal multi-step reasoning chains, which utilize critical visual region tokens, extracted from intermediate reasoning steps, as supervisory signals. This mechanism not only facilitates comprehensive cross-modal understanding but also enhances model interpretability. 2. The introduction of a test-time memory augmentation module that expands the model reasoning capacity during inference while preserving parameter efficiency. Furthermore, to facilitate research in this direction, we have curated a novel multi-image slow-thinking dataset. Extensive experiments demonstrate the effectiveness of our model.