For this paper, the microstructure and hardness of the weld metal were investigated by conducting experiments with the flux cored arc welding process in underwater and air conditions. A rutile/oxidizing tubular wire was used, manufactured by the Robotics, Welding and Simulation Laboratory at Minas Gerais Federal University, especially for underwater wet welding. Underwater welds had a lower volumetric fraction of acicular ferrite in the weld metal compared to air welds. In the thermally affected zone, for both welds, there was a predominant formation of martensite. However, the grain size and width of the thermally affected zone of underwater welds are smaller. The hardness values shown correspond to the microstructure formed in the weld metal. On the other hand, in the region of the thermally affected zone, the hardness values were higher underwater welds, due to the smaller martensite grains presented.