Dissimilar autogenous welding of ferritic/martensitic P92 steel and Inconel 617 alloy was conducted using the laser beam-welding process. The microstructure evolution such as element segregation, grain size, and precipitate morphology was investigated in different areas of the welded joint for as-welded (AW) and post-weld heat treatment (PWHT) condition by using optical microscopy (OM) and Field Emission Scanning Electron Microscopy (FE-SEM). The tensile strength at room temperature, microhardness variation, and Charpy V impact toughness was evaluated for the welded joint to study the effect of laser beam welding on mechanical properties. Finally, the fractured impact-tested specimen was characterized by FE-SEM. Microstructure observation showed the microstructure heterogeneity across the welded joint. A typical martensitic lath structure devoid of carbide precipitates was observed in P92 HAZ, while Inconel 617 HAZ exhibited the fine-equiaxed austenite grains of average size 24 ± 7 µm with Ti-enriched Ti(C, N) and Mo-enriched carbide precipitates. A columnar and cellular structure consisting of the alloying element segregation in the inter-dendritic areas was observed for the weld metal (WM) near the interface, while the interior WM showed the cellular and equiaxed dendrites along with particles of type NBC, TiC, and M23C6. Fairly good strength and ductility were obtained for the welded joint, and it qualified the ultra-supercritical (USC) boiler requirement. The WM was witnessed as the weakest part of the welded joint for impact strength. However, the impact strength of the WM (61 ± 2 J) was measured higher than the ASME standard value (> 41 J) and EN ISO 3580:2017 standard value (> 47 J) in the AW joint. After the PWHT, a drastic reduction in impact strength of WM (48 ± 3 J) was measured, and it was very close to EN ISO 3580:2017 recommended value of 47 J. The HAZ of P92 and Inconel 617 showed good impact strength for both AW and PWHT joints. The austenitic microstructure in WM exhibited the hardness of 150 ± 8 HV0.5, which was lower than the hardness of P92 and Inconel 617 base metal. The hardness in P92 HAZ was estimated higher than other regions of the weldments (WM and Inconel 617 HAZ). PWHT resulted in a drastic reduction in hardness of P92 HAZ, while WM (154 ± 7 HV0.5) and Inconel 617 HAZ showed a minute change in hardness value. The tensile strength of welded joints for the transverse tensile-tested specimen was also measured higher than the base metal, and fracture was observed in weaker parent metal, i.e., P92 steel for both AW and PWHT joint. © 2022, Wroclaw University of Science and Technology.