This paper proposes a novel welding process for ultrahigh-strength steel. The effects of welding parameters on the welding process and weld formation were studied to obtain the optimal parameter window. It was found that the metal transfer modes of solid wires were primarily determined by electrical parameters, while flux-cored wires consistently exhibited multiple droplets per pulse. The one droplet per pulse possessed better welding stability and weld formation, whereas the short-circuiting transfer or one droplet multiple pulses easily caused abnormal arc ignition that decreased welding stability, which could easily lead to a “sawtooth-shaped” weld formation or weld offset towards one side with more spatters. Thus, the electrical parameters corresponding to one droplet per pulse were identified as the optimal parameter window. Furthermore, the weld zone (WZ) was predominantly composed of AF, and the heat-affected zone (HAZ) primarily consisted of TM and LM. Consequently, the welded joint still exhibited excellent mechanical properties, particularly toughness, despite higher welding heat input. The average tensile strength reached 928 MPa, and the impact absorbed energy at −40 °C for the WZ and HAZ were 54 J and 126 J, respectively. In addition, the application of triple-wire welding for ultrahigh-strength steel (UHSS) demonstrated a significant enhancement in post-weld deposition rate, with increases of 106% and 38% compared to single-wire and twin-wire welding techniques, respectively. This process not only utilized flux-cored wire to enhance the mechanical properties of joints but also achieved high deposition rate welding.