Impact toughness of the weld metal is one of the important factors affecting the quality of hot bends, which is strongly dependent on the microstructure transformation during hot bending and tempering. In this study, three kinds of weld metals with different Ni contents were selected, and then the effects of tempering temperature on the microstructure impact toughness of weld metals for hot bends were investigated by simulation conducted on a Gleeble-3500 thermal simulator. The results show that the nonmetallic inclusion particles in weld metals can become the nuclear core of acicular ferrite like in as-welded metal. So, the overlapping acicular ferrite microstructure is obtained in the weld metal after direct cooling from the reheating temperature. During tempering, the overlapping acicular ferrite microstructure is degenerated, and martensite/austenite (M/A) constituents in the acicular ferrite microstructure decompose into ferrites and carbides. The resulting carbide particles mainly distribute along the acicular ferrite grain boundaries. With the increase of the tempering temperature, the carbide particles coarsen, which decreases the impact toughness of the weld metal of hot bends. Addition of Ni to weld metals can refine the acicular ferrite and improve the impact toughness.