A novel high depth-to-width ratio of 15:1 narrow-gap gas metal arc welding technique was developed for the welding of S500Q steel in a horizontal butt joint. The bead arrangement of the I groove was optimized to produce a high-quality connection with the upper sidewall of the joint. The microstructure and mechanical properties were observed and evaluated by optical microscopy, scanning electron microscopy, tensile testing, and micro-hardness and impact toughness testing at 1/5, 2/5, 3/5, and 4/5 thickness of the joint. The 3/5 T position exhibited the highest strength, which was attributed to the presence of finer carbide precipitates. The highest micro-hardness appeared at 4/5 T. The highest impact toughness appeared at 3/5 T. The formation of coarse granular bainite was the major reason for the decrease in impact toughness in other regions. A microscopic fracture at 1/5 T and 3/5 T was further analyzed. It was observed that the width of the fibrous zone at 3/5 T was significantly larger than that at 1/5 T. The radial zones at 1/5 T were observed to exhibit cleavage, with secondary cracks on the fracture surface.