Aluminium-lithium (Al-Li) alloy is the most prominent alloy used in the aerospace industry’s internal structure and wings due to its improved physical and mechanical properties. The present study introduces a novel investigation into the joining of Al–Li alloy 2050-T84 using friction stir welding (FSW) at different tool velocity ratios (TVR) of 0.6, 0.8, and 1, respectively (i.e., the amalgamation of various process parameters like tool rotational speed (TRS of 600, 1000, and 1400 rpm and traverse speed of 60, 120, and 240 mm min−1) and constant tool tilt angle (1.5°). A threaded taper tool was used for joining the Al–Li alloy 2050-T84. This work aims to ascertain the effects of varying tool velocity ratios (TVR; rotational speed/traverse speed) on macrostructure, grain size distribution in the nugget zone, and mechanical strength of the welded specimens. The experimental results reveal that increasing the tool velocity ratio increases the grain size and decreases the welded specimen’s ultimate strength and hardness values. Higher tensile strength (403.2 MPa), micro-hardness values (122.15 HV0.1), and joint efficiency (75.49) of welded specimens are achieved at low TVR (0.6), and ductile failure is observed in all welded samples. Additionally, it is noticed that the stirred zone size increased with increasing the velocity ratio.