The microstructure in the heat-affected zone (HAZ) of welds made from the 9 wt pct chromium martensitic Grade 92 steel is complex and has not yet been completely understood. There is a lack of systematic microstructural investigations to define the different regions of the microstructure across the HAZ of Grade 92 steel welds as a function of the welding process. In this study, the microstructure in the HAZ of an as-fabricated single-pass bead-on-plate weld on a parent metal of Grade 92 steel was systematically investigated by using an extensive range of electron and ion-microscopy-based techniques. A dilatometer was used to apply controlled thermal cycles to simulate the microstructures in the different regions of the HAZ. A wide range of microstructural properties in the simulated materials were then characterized and compared with the experimental observations from the weld HAZ. It was found that the microstructure in the HAZ of a single-pass Grade 92 steel weld can be categorized as a function of a decreasing peak temperature reached as (1) the completely transformed (CT) region, in which the original matrix is completely reaustenitized with complete dissolution of the pre-existing secondary precipitate particles; (2) the partially transformed (PT) region, where the original matrix is partially reaustenitized along with a partial dissolution of the secondary precipitate particles from the original matrix; and (3) the overtempered (OT) region, where the pre-existing precipitate particles coarsen. The PT region is considered to be the susceptible area for damage in the commonly reported HAZ failures in weldments constructed from these types of steels.