In this paper, the butt joint of unequal thickness 410 ferritic stainless steel and RCL540 low-carbon alloy steel sheets are realized by laser welding. The effects of different laser powers on weld formability, mechanical properties, and residual stress in the welding process are investigated. It is observed that with increasing laser power, the heat accumulates at the bottom of the molten pool and weld metal, causing the ratios of upper and lower melt widths to decrease. The tensile test results show that all specimens fractured in the weak zone of the base metal on the stainless steel side at 10 mm from the weld seam. The residual stress distributions of the specimens are calculated using ABAQUS 2022 software and compared with the measurements of the blind-hole method. It is found that the stainless steel side produces tensile stresses, with the power increase offset by compressive stresses in the base metal. When the laser power is 1200 W, the welded joint has the best weld formability and mechanical properties and the least residual stress. The upper and lower melt width ratio is 1.17, the maximum microhardness of the weld metal is 374.7 HV, the maximum test force and tensile strength are 5617.5 N and 468.12 MPa, respectively, and the minimum values of the transverse and longitudinal stresses are −45.8 MPa and −106.4 MPa, respectively.