In this paper, a novel coaxial continuous-pulsed dual-beam laser was proposed to join TC4 titanium alloy with QP980 high-strength steel, and magnesium alloy containing rare-earth elements (Mg-RE) was creatively as filler. The weld appearance, microstructure and mechanical properties of joints obtained by single-beam and dual-beam laser welding were compared and analyzed. And the evolution of bonding mechanism and the fracture mechanism with laser beam energy density was analyzed. The results showed that the appearance and mechanical strength of the joint obtained by dual-beam laser were better than that by single-beam laser. And the maximum tensile shear load of TC4/QP980 lap joint welded by dual-beam laser reached 303 N/mm, which was 124 % of that of single-beam laser welding. The bonding of Mg-RE with QP980 affected by temperature of laser welding and mainly depended on Gd and Y. They just diffused to QP980 under low power and reacted with Fe under high power. And the inter-diffusion of Zr of Mg-RE with Ti of TC4 produced to the bonding of Mg-RE with TC4. The roles of continuous laser and pulsed laser in dual-beam laser welding were revealed in this paper and it showed a great application potential of coaxial dual-beam laser welding technology in dissimilar metal joining.