Plasma-metal inert gas (MIG) hybrid welding enables to join thick steel plates in single pass. However, arc coupling occurring between the plasma and MIG arcs disturbs its heat source characteristics, lowering the welding quality. This arc coupling phenomenon is not yet understood due to the complexity. This study aims to clarify the effect of current waveform of arc on weld bead formation according to the arc coupling in plasma-MIG hybrid welding. The metal transfer characteristics and bottom side weld pool were observed for direct current (DC) and pulse-MIG current waveforms. In addition, Ni element was used for visualizing the transport process of high-temperature molten metal provided by MIG welding within the weld pool. From these results, the effects of differences in MIG arc current waveforms on heat and mass transport processes within the weld pool and also on weld bead formation on the bottom side through changes in the occurrence of arc coupling were discussed. As a result, it was clarified that the droplets after detachment from the wire were transferred to the weld pool surface under the wire tip for DC MIG current, while those were transferred along the wire axis to the weld pool surface behind the keyhole for pulse-MIG current. When the droplet was transferred to the weld pool region with the forward flow such as the pulse-MIG current case, the heat was transported to the bottom side together with the counter-clockwise eddy behind the keyhole, strongly contributing to increasing the penetration depth. In the case of pulse-MIG current, the plasma arc is oscillated due to the arc coupling. According to this oscillation, the accumulation of molten metal behind the keyhole is prevented to suppress the humping bead formation. Consequently, pulse-MIG current was found to be suitable for increasing the penetration depth and suppressing humping bead formation on the bottom side comparing with DC MIG current.