A new kind of low-carbon bainite steel with excellent strength and toughness was developed, serving as the bogie of the next-generation high-speed train. However, the softening of the heat-affected zone (HAZ) in laser-arc hybrid welding (LAHW) needs to be overcome. In this study, the effect of the cooling rate of the LAHW process on the microstructure and mechanical properties in the HAZ was explored via thermal simulation. The results showed that with increased cooling rate, the grain size increased, the content of lath martensite decreased, and the lath bainite gradually changed to a granular shape in the thermal simulation specimen. With the decrease in the cooling rate, i.e., with the increase of t8/5, the strength–toughness matching of the material showed a downward trend. The thermal simulation specimen with a t8/5 of 6~8 s had higher strength and good toughness, which can be considered a potential welding parameter reference. The content of martensitic austenite (M-A) constituents was the main factor that determined the strength and toughness of the joint. During the tensile test, the axial force caused the material to tighten, and the transverse stress as obvious in the part of the M-A constituents that are prone to microcracks and many defects, resulting in cracks, paths, and multi-component layers in the center. As a result, the thermal cycle specimens had mixed fracture characteristics.