In the present investigation, an attempt has been made to investigate the replacement compatibility of conventional austenitic stainless steel (316L) with low-Ni austenitic stainless steel (201) by employing their dissimilar welding using gas tungsten arc welding technique with varying heat input. The effects of heat input on the microstructural, mechanical, and corrosion properties were studied. The result depicts the balanced austenite/ferrite content in the fusion zone for both the heat inputs. The low heat input process, which results in a faster cooling rate, demonstrates higher tensile strength and microhardness. Similarly, the pitting corrosion resistance of the fusion zone demonstrates better properties on the low heat input process attributed to the lesser dendritic length and lesser interdendritic arm spacing.