The microstructure and mechanical behavior of the Gas Tungsten Arc (GTA) welded joint of ferritic/martensitic (F/M) P91 and austenitic SS304L steel was investigated in as-welded and post-weld heat treatment (PWHT) conditions. The microstructural studies included the particle size and its distribution, grain size, and percentage area fraction of the precipitates (%AFP) in different zones of the weldments. In as-welded condition, weld metal showed untempered martensitic microstructure devoid of carbide precipitates. After the PWHT, weld metal was characterized by tempered martensitic microstructure along with the decoration of the coarse carbide particles at PAGBs and fine carbonitride particles inside the matrix region. The mechanical behavior of the dissimilar weld was analyzed in as-welded and PWHT conditions by performing tensile testing, Charpy impact testing, and microhardness testing. A significant variation in microstructure and mechanical properties was obtained across the dissimilar welded joint (DWJ) for as-welded, which was minimized after the PWHT. The minimum%AFP in the coarse grain heat-affected zone was measured due to the formation of the precipitate-free soft δ ferrite patches, which also showed a negligible response to PWHT. The poor Charpy impact toughness (CIT) of 0.8 ± 1.5 J and high tensile strength of 864 ± 12.5 MPa were measured for the as-welded joint. The combination of high strength and low CIT was obtained mainly due to the untempered martensitic microstructure in the weld fusion zone. The DWJ after the PWHT showed a significant increase in Charpy impact toughness (CIT), and it was measured 70 ± 4 J. Improved mechanical behavior with a good combination of ultimate tensile strength and CIT were obtained after the PWHT.