A liquid-nitrogen-cooling friction stir spot welding (C-FSSW) technology was developed for welding AZ31 magnesium alloy sheets. The liquid-nitrogen cooling degraded the deformability of the welded materials such that the width of interfacial cracks increased with increasing cooling time. The grain size of the stirred zone (SZ) and the heat-affected zone (HAZ) of the C-FSSW-welded joints decreased, whereas that of the thermomechanically affected zone (TMAZ) increased with increasing cooling time. The maximum tensile shear load of the C-FSSW-welded joints welded with a cooling time of 5 or 7 s was larger than that of the friction stir spot welding (FSSW)-welded joint, and the tensile shear load decreased with increasing cooling time. The microhardness of the C-FSSW-welded joints was greater than that of the FSSW-welded joint. Moreover, the microhardness of the SZ and the HAZ of the C-FSSW-welded joints increased, whereas that of the TMAZ decreased, with increasing cooling time.