Dissimilar welding joints of Inconel 718 (IN718) nickel superalloy with low-carbon AISI 304L austenitic steel (SS304L) were conducted using the Tungsten Inert Gas (TIG) welding process. The present investigation focuses on the effect of different welding currents on the produced dissimilar joints’ microstructure and mechanical properties. The microstructure study was carried out by light optical (LOM) and scanning electron microscopy (SEM), coupled with energy-dispersive spectroscopy (EDS) analysis. The nanoscale investigation was performed via a high-resolution transmission electron microscope (TEM). The mechanical behavior of the TIG joints was investigated via Vickers hardness testing. In all cases, the morphology and the microstructure of the fusion zone (FZ) and the corresponding heat-affected zones (HAZ) of the TIG-welded IN718 and SS304L verified the absence of porosity or other metallurgical defects. Except for carbides and carbonitrides, hard and brittle Laves phases ((FeNiCr)2(NbMoTiSi)) were also identified, which were dispersed in the interdendritic spaces in the form of elongated islands. Prolonged exposure to high temperatures and a slower cooling rate due to higher initial heat input led to the precipitates’ coarsening both in FZ and HAZ and, thus, to the consequent gradual embrittle of the dissimilar joints.