An unstable assembly gap is detrimental to the formation and performance of the pipeline butt girth weld joint. Therefore, a numerical model of an 18.4 mm-thick X80 pipeline girth weld by a homogeneous body heat source was established to investigate the effect of the butt gap on the joint temperature and stress field, and carrying capacity. The accuracy of the simulation results was verified by measuring the welding thermal cycle with a thermocouple. The investigation results showed that the weld pool, heat-affected zone (HAZ) width, and maximum circumferential stress of the joint rose with the increase in the butt gap. The tensile stress unfavorable to the joint quality was mainly distributed in the weld metal and partial HAZ, and the distribution areas gradually expanded as the gap increased. The Von Mises stress peak value of the joint appeared in the order of 3 mm > 2 mm > 1 mm > 0 mm gap, reaching the maximum of 467.3 MPa (3 mm gap). This variation trend is directly related to the improvement in welding heat input with increasing butt gaps. The maximum Von Mises stress of the joint was positively correlated with the carrying capacity of the pipeline, which diminished as the butt gap enlarged. The pipeline carrying capacity reached 17.8 MPa for the joint with no butt gap, and dropped to 13.1 MPa for the joint with a 3 mm gap. The relationship between the carrying capacity (P) and butt gap (C) was described by P = −0.125C2 − 1.135C + 17.715, through which the pipeline carrying capacity with other butt gaps can be predicted.