The present investigation reports on a study that has been taken up to develop an understanding of the electron beam welding characteristics of similar and dissimilar combination of maraging steel and high strength low alloy steel, which are in the hardened condition, i.e. maraging steel, in a solution that was in treated and aged condition, whereas high strength low alloy steel in a quenched and tempered condition before welding. The joint characterisation studies include microstructural examination, microhardness survey across the weldment and measurement of residual stresses. Maraging steel weld metal is under compressive stress rather than tensile stress as observed in low alloy steel welds because the martensite transformation occurs at a relatively low temperature. It has been observed that, in dissimilar metal welds, tensile stress is observed at the fusion boundary of low alloy steel and weld metal, whereas compressive stress is obtained at the location between weld and maraging steel fusion boundary. Dissimilar weldment contains a soft region beside the interface on maraging steel side because of the diffusion of manganese from low alloy steel towards maraging steel. The observed residual stresses, hardness distribution across the similar and dissimilar metal welds are correlated with the observed microstructures.