Vacuum electron-beam welding (EBW) was used to join the precipitation-strengthened GH4169 superalloy and a new nickel-based superalloy IC10 to fabricate the turbine blade discs. In this study, a solid solution (1050 °C/2 h for GH4169 and 1150 °C/2 h for IC10) and different heat-exposure temperatures (650 °C, 750 °C, 950 °C and 1050 °C/200 h, respectively) were used to study the high-temperature tensile properties and microstructure evolution of welded joints; meanwhile, the formation and evolution of the second phases of the joints were analyzed. After EBW, the welded joint exhibited a typical nail morphology, and the fusion zone (FZ) consisted of columnar and cellular structures. During the solidification process of the molten pool, Mo elements are enriched in the dendrites and inter-dendrites, and that of Nb and Ti elements was enriched in the dendrites, which lead to forming a non-uniform distribution of Laves eutectic and MC carbides in the FZ. The microhardness of the FZ gradually increased during thermal exposure at 650 °C and reached 300–320 HV, and the γ′ and γ″ phases were gradually precipitated with size of about 50 nm. Meanwhile, the microhardness of the FZ decreased to 260–280 HV at 750 °C, and the higher temperature resulted in the coarsening of the γ″ phase (with a final size of about 100 nm) and the formation of the acicular δ-phase. At 950 °C and 1050 °C, the microhardness of FZ decreased sharply, reaching up to 170~190 HV and 160~180 HV, respectively. Moreover, the Laves eutectic and MC carbides are dissolved to a greater extent without the formation of γ″ and δ phases; as a result, the absent of γ″ and δ phases are attributed to the significant improvement of segregation at higher temperatures.