This study was focused on welding joints of reduced-activation ferritic/martensitic (RAFM) CLF-1 steel medium-to-thick plates produced via laser beam welding (LBW) and electron beam welding (EBW). Such joints were used in the ITER project, in particular, in the back plate mockup of Helium Cooled Ceramic Breeder Test Blanket System developed in China in 2015. The microstructural evolutions and the mechanical properties of fusion zones (FZs), weld zones (WZs), and heat-affected zones (HAZs) of LBW and EBW joints were analyzed and compared using electron backscatter diffraction (EBSD) and transmission electron microscopy (TEM). Moreover, the microstructural differences between the two types of joints and their effect on the impact properties were discussed. Results showed that the well-formed welds without defects, such as pores, incomplete fusion, and cracks, could be obtained via LBW and EBW. Different heat inputs led to the differences in the grain size gradients, the boundary angles, the content of carbides, and the distribution of dislocations. Despite obvious differences in morphology among FZ, WZ, and HAZ, both types of joints exhibited excellent tensile properties and impact toughness. The tensile strengths of the LBW and EBW joints were 633 and 634 MPa at room temperature, respectively, versus 370 and 366 MPa at 550 °C. The mean impact-absorbing energy values of LBW and EBW joints were 251 and 284 J. The further analysis revealed that the low δ-ferrite content, small effective grain size, large grain size gradient, high grain boundary angle, diminutive size of M23C6 carbides, high-Ta content in MX carbides and low dislocation density led to high impact toughness of the LBW joint, while the microstructure of EBW joint failed to show the improvement of impact toughness, and the extraordinary impact toughness could be attributed to the high scattering band.