The mechanical properties of welded joints have a crucial impact on the safety of pipelines. This article focuses on examining the correlation between the microstructure and mechanical properties of welded joints of X65MS pipeline steel for sour service. The results indicate that the welding thermal cycle forms the microstructure consisting of acicular ferrite, granular bainite, and polygonal ferrite. The hardness across the joint ranges from 210 and 270 HV, peaking within the welded zone and decreasing towards the base metal (BM). At −40 °C, the welded zone shows the lowest impact energy of 53 J, while heat‐affected zones exhibit superior impact toughness exceeding 270 J with the highest impact energy of 326 J. This can be attributed to the exceptionally fine‐grained microstructure, a small quantity of small‐sized martensite‐austenite (M/A) constituents in the heat affected zone. As for the low toughness of the weld, the main factors can be attributed to the presence of large‐sized elongated M/A constituents and inclusions.