Low-cycle fatigue testing was carried out for the welded joints of constructional steels containing 0% V + 0.0021% N and 0.10% V + 0.0078% N, and the effects of V-N microalloying on the low-cycle fatigue property of the welded joints were investigated. The results showed that when the total strain amplitudes were 1.2%, 1.4% and 1.6%, the mean low-cycle fatigue lives of the welded joints of steel containing 0.10% V + 0.0078% N were 5050, 2372 and 1535 cycles, respectively, which were significantly higher than those of the welded joints of steel containing 0% V + 0.0021% N; however, when the total strain amplitudes increased to 1.8% and 2.0%, the mean low-cycle fatigue lives of the welded joints of steel containing 0.10% V + 0.0078% N were 575 and 367 cycles, respectively, which were gradually lower than those of the welded joints of steel containing 0% V + 0.0021% N. The reasons causing the difference of low-cycle fatigue life were explained by the dislocation structure and precipitates in the welding heat-affected zone, plastic strain energy density of the welded joints, and fatigue fracture morphology. When the low-cycle fatigue life is between 100 and 200 cycles, the cyclic toughness of the welded joint of steel containing 0.10% V + 0.0078% N is between 57.48 and 78.22 J/cm3, which is higher than that of the welded joint of steel containing 0% V + 0.0021% N, indicating that the welded joint of steel containing 0.10% V + 0.0078% N is able to absorb more energy in a seismic condition, therefore possessing better seismic resistance.