During the manufacturing of welded structures, some degree of residual stresses occurs. The classic approach to residual stress reduction is Post-Weld Heat Treatment (PWHT). In the case of structural grade mild steels, the thermal process is well established. In case of S690QL1 High Strength Steel (HSS), which is manufactured using the Quenching and Tempering (QT) process considered in this paper, only limited PWHT treatment is possible without deterioration of mechanical properties. Since this steel grade is susceptible to subsequent heat input, the challenge is to establish adequate PWHT parameters, achieving residual stress reduction while retaining sufficiently high mechanical properties. The paper considers X joint welded HSS steel plates with slightly overmatching filler metal. The welded coupon is prepared and subjected to PWHT treatment. The research on the influence of heat treatment was performed using the four different PWHT cycles and initial As-Welded (AW) material condition. The authors proposed those PWHT cycles based on available resources and the literature. Process holding temperature is considered the variable parameter directly related to the behaviors of material properties. The methodology of welded joint analysis includes experimental testing of mechanical properties, metallographic examination, and residual stress quantification. Testing of mechanical properties includes tensile testing, Charpy V-notch impact testing, and hardness testing in scope of complete welded joint (BM + HAZ + WM). Metallographic examination is performed in order to characterize the welded joint material in relation to applied PWHT cycles. In order to quantify residual stresses, all heat-treated samples were examined via the X-ray diffraction method. Mechanical properties testing determined that an increase in PWHT cycle holding temperature leads to degradation of tested mechanical properties. For specific zones of the welded joint, the decreasing trend from AW condition to Cycle D (max. 600 °C) can be quantified. Based on representative specimens comparison, strength values (BM ≤ 5.7%, WM ≤ 12.1%, HAZ ≤ 20%), impact testing absorbed energy (BM = 17.1%, WM = 25.8%, FL = 12.5%, HAZ = 0.6%), and hardness values (BM = 4.1%, WM = 3.2%, CGHAZ = 16.6%, HAZ = 24.2%) are all exhibiting decrease. Metallographic examination, using the light microscopy, after the exposure to PWHT thermal cycles, did not reveal significant changes in the material throughout all specific welded joint segments. Average relative reduction in residual stress in correlation with PWHT temperature can be observed (AW = 0%, Cycle A (max. 400 °C) = 72%, Cycle B (max. 530 °C) = 81%, Cycle C (max. 550 °C) = 93% and Cycle D (max. 600 °C) = 100% stress reduction). It can be concluded that S690QL1 HSS welded joints can generally be subjected to PWHT, while adhering to the limits of the material and process. In the authors’ shared opinion, it is advisable to use the PWHT Cycle C (max. 550 °C) with 93% RS reduction, while mechanical properties retain high values.