Reasonable welding methods are of great significance for optimizing the microstructure and ensuring the mechanical properties of welded joints. In this study, ultra-narrow gap welding (UNGW) and submerged arc welding (SAW) were employed to weld Q355E high-strength low-alloy (HSLA) steel thick plates, and the microstructure and mechanical properties of the welded joints were systematically characterized. The UNGW welded joint exhibits superior comprehensive mechanical properties: a room-temperature tensile strength of 664 MPa with 43.1% elongation at fracture, along with higher microhardness and enhanced impact performance at −40 °C, all of which significantly outperform SAW welded joints. This advantage primarily stems from the faster cooling rate during UNGW, which promotes the formation of beneficial acicular ferrite in the joint microstructure. This study provides theoretical support and technical guidance for welding HSLA steel thick plates.