In this paper, the multi-layer multi-pass welding process was used to weld 115mm 08Cr9W3Co3VNbCuBN (G115) steel pipe, the gas tungsten arc welding (GTAW) was used in root pass welding, subsequent welding by dynamic hot wire gas tungsten arc welding (TIP TIG) welding method, while the post-weld heat treatment (PWHT) of 770°C × 10h was carried out afterward. The microstructure and mechanical properties of different zones of the welded joint were analyzed by OM, SEM, XRD, microhardness and impact tests. The results showed that the ferrite and martensite were observed in the weld metal (WM), the fine-grained heat-affected zone (FGHAZ) and the coarse-grained heat-affected zone (CGHAZ) consisting of prior austenitic grain boundaries (PAGBs) and martensite, and more precipitates including coarse M 23 C 6 carbides with fine MX-type carbonitrides were observed inside the grain boundaries and grains. The hardness distribution patterns along different locations (Cover, Fill, Root) on the welded joint cross-section were the same, from base metal (BM) to WM hardness gradually increased, and WM hardness was the highest. WM impact toughness was worse than HAZ, impact fracture mode was a mixed tough-brittle fracture but biased towards brittle fracture.