This paper presents the results of voluminous experimental investigations conducted to analyze the influence of the welding procedure on the performance of regenerated gears. Cylindrical spur gears were tested, both newly manufactured and regenerated, in two fundamentally different ways: by hard facing (surfacing) with the “hard” filler metal (DUR 600-IG) and with the “soft” filler metal (EVB2CrMo) with subsequent cementation and quenching. The regeneration procedures were defined and executed, while, subsequently, the microstructure and microhardness of the hard-faced layers were established and measured, followed by checking the durability of the hard-faced teeth flanks. Finally, techno-economic analysis was performed to establish the rationality of the conducted regenerations, i.e., the costs of regenerated and newly manufactured teeth were compared. Based on the results of the conducted investigations, it was possible to establish the influence of the welding type on the performance characteristics (primarily the service life) of the regenerated gears. For individual reparatory hard facing, the procedure with the “hard” filler metal exhibited better characteristics, while for batch reparation of numerous damaged gears, the reparation with the “soft” filler metal, followed by cementation and heat treatment, might be more convenient.