In the present study, 2198 Al-Cu-Li alloys were successfully friction stir welded by using various welding speed ranges of 90~180 mm/min with an invariable rotation speed of 950 r/min. The effect of welding speed on microstructure evolution and mechanical properties of the joints was investigated. The results show that, with the welding speed decreasing, the size of the nugget zone (NZ) first increases and then decreases due to different welding temperatures. At a welding speed of 150 mm/min, the size of the NZ in all joints is the biggest and the “S” curve disappears. The equiaxed grains are finer, attributed to a higher degree of dynamic recrystallization, and a larger number of fine reprecipitated phase (δ’, β’ phases) particles are dispersively distributed in the NZ. Correspondingly, the joints have the highest tensile properties, and the tensile strength, yield strength and elongation are, respectively, 406 MPa, 289 MPa and 7.2%. However, compared to the base material, the tensile properties of all joints are reduced because a greater amount of δ’ and β’ phases particles are dissolved in the NZ. Only the joints produced at 150 mm/min are fractured in the TMAZ with detected deep dimples and tearing ridges, and a significant necking phenomenon is observed, which indicates a complete ductile fracture mode.