This study delves into the influence of laser welding parameters on the microstructural evolution, surface roughness, and hardness of dissimilar lap joints formed by welding 340BH steel (upper) to cold-rolled pure vanadium (bottom) in an attempt to successfully develop metal membranes by adopting a novel technological route. Specifically, we examined power levels of 0.3 kW and 0.4 kW combined with varying welding speeds (40 mm/s, 50 mm/s, and 60 mm/s). The results indicate that defect-free joints were achievable at the higher welding speed of 60 mm/s. This conclusion is supported by the observed surface roughness profile. Elemental interdiffusion and temperature play pivotal roles in the formation of these dissimilar joints. These factors determine the dimensions of the heat-affected zone (HAZ) and the fusion zone (FZ) under all welding conditions. Notably, the high cooling rates during laser welding hindered the formation of intermetallic phases both in the FZ and at the interface between the metals. Microstructural examination of the HAZ/FZ on the Fe side showed a coarser microstructure when using a power of 0.4 kW, in contrast to the lath martensite observed at 0.3 kW. These observations align with the cooling curve derived from finite element analysis (FEA). FEA was also used to estimate temperature profiles throughout the welded area, and the results were consistent with experimental data. Further microstructural analysis using electron backscattered diffraction (EBSD) revealed a significant phenomenon: the formation of recrystallized grains of vanadium in the HAZ near the FZ on the vanadium side. Microhardness tests, conducted to gauge joint quality, displayed varying hardness levels across the base metal (BM), HAZ, and FZ interfaces. At a power of 0.3 kW, the HAZ displayed greater hardness than the FZ and BM due to the formation of lath martensite. Conversely, at a power setting of 0.4 kW, a reduction in hardness was observed within the HAZ, attributable to coarser ferrite formation.