In this study, dissimilar butt joints were formed between as-rolled Inconel 718 and SUS 316 using cold metal transfer (CMT) with ERNiFeCr-2 filler metal at a welding speed of 5 mm s −1 and three different welding currents (130, 160 and 190 A). The morphology, microstructure, and mechanical properties of the joints and the mechanism by which the joint interface formed were studied. The results indicate that CMT welding parameters have an effect on the weld appearance and that the weld metal exhibits better wettability and spreadability at a welding current of 160 A. The interface between the weld metal and SUS 316 base metal was characterized by applying an optical microscopy (OM) and scanning electron microscopy (SEM) equipped with energy-dispersive X-ray spectrometry (EDS). The results revealed that no obvious diffusion of Ni and Fe ions was identified across the joint interface. The fractures that initiated in the joints during the tension testing formed in the heat-affected zone (HAZ) of the SUS 316 base metal, and the high-temperature tensile strength of the joint was observed to be 424 MPa, which is approximately 87.06% of that of SUS 316 base metal (487 MPa) and 67.19% of that of Inconel 718 base metal (631 MPa). In terms of the elongation, the joint (21.9%), Inconel 718 base metal (21.2%) and SUS 316 base metal (22.3%) elongations were similar. For comparison, the joint also was tested at room temperature, resulting in a tensile strength and elongation of 511 MPa and 27.5%, respectively. A spherical elemental Ni segregation morphology was clearly observed at the high-temperature fracture. Hardness studies demonstrated that the weld metal hardness is higher than that of the SUS 316 base metal.