The as-welded Invar fusion zones were fabricated between cemented carbides and carbon steel using a Fe-Ni Invar interlayer and laser welding method. Three regions in the as-welded Invar fusion zones were defined to compare microstructures, and these were characterized and confirmed by scanning electron microscopy and X-ray diffractometry. The structure and plastic deformation mechanism for initial Invar Fe-Ni alloys and the as-welded Invar fusion zones are discussed. (1) After undergoing high-temperature thermal cycles, the microstructure of the as-welded Invar fusion zones contains γ-(Fe, Ni) solid solution (nickel dissolving in γ-Fe) with a face-centered cubic (fcc) crystal structure and mixed carbides (eutectic colonies, mixed carbides between two adjacent grains). The mixed carbides exhibited larger, coarser eutectic microstructures with a decrease in welding speed and an increase in heat input. (2) The structure of the initial Invar and the as-welded Invar is face-centered cubic γ-(Fe, Ni). (3) The as-welded Invar has a larger plastic deformation than initial Invar with an increase in local strain field and dislocation density. Slip deformation is propagated along the (111) plane. This finding helps us to understand microstructure and the formation of dislocation and plastic deformation when the Invar Fe-Ni alloy undergoes a high-temperature process.