Coating welding with cobalt alloys on pipelines is crucial for the offshore industry due to its exceptional resistance to corrosion and wear. In this paper, two welding conditions with different currents were proposed to observe the behavior of the dissimilar joint. The microstructure, mechanical properties, and dilution of a dissimilar material consisting of AISI 4130 steel substrate coated with Stellite 6 alloy were analyzed. Firstly, samples were metallographically prepared for the evaluation of the weld bead and the coating phases using SEM, EDS, and XRD analyses. Then, microstructural characterization was performed qualitatively using confocal microscopy and quantitatively to determine the phase fraction volumes in the dendritic and interdendritic regions, as well as the resulting dilution. Results revealed that varying welding conditions did not significantly affect the hardness of the coatings, which remained within the alloy standard of 36-45 HRC, with microhardness varying by 3%–5% from one condition to another and phase fraction volume showing a variation of 5.6% between welding conditions. On the other hand, experimental results indicated a clear effect of welding current variation on dilution values, with 4.6% for condition 1 and 16.7% for condition 2, allowing for direct proportional relationships to be established, i.e., higher deposition current results in greater dilution.