Keyhole laser welding experiments with 1.5 mm thick aluminum sheets (EN AW-6082) were carried out with transversal beam oscillation and wire feeding. A circular cavity, which was named buttonhole, formed directly behind the laser spot at certain oscillation frequencies. The welding states “no buttonhole”, “unstable buttonhole”, and “stable buttonhole” were distinguished. The melt pool dynamics were experimentally analyzed and correlated with the resulting roughness and waviness of the seam surfaces. Criteria for stable buttonhole welding were derived. On the basis of the cavity radii relations, it is shown that capillary pressure conditions can explain the movement of the buttonhole with the process.