The novel cryogenic high-Mn austenitic steel weld metal with four different cerium (Ce) contents were prepared under submerged arc welding by adding cerium dioxide and calcium silicon reducing agents into the flux to refine the solidification structure and alleviate the microsegregation. The effects of the Ce element on the microstructure, inclusion, and microsegregation behavior of weld metal were systematically investigated via optical, scanning, and transmission electron microscopy and using an electronic probe micro-analyzer. The results showed that the dendrite arm spacing of high-Mn austenitic steel weld metal was significantly reduced with an increase in the Ce content from 0.018 to 0.087 wt%. The typical inclusions in the weld metal were mainly Al2O3, CeAlO3, Ce2O3, and Ce2O2S for the Ce content ranging from 0 to 0.087 wt%. The number density and the size distribution of effective inclusions influenced the microstructure variation. Numerous small-sized effective inclusions (Ce2O3 and Ce2O2S) in the weld metal with 0.087 wt% Ce were distributed at the dendrite core, promoting the nucleation for austenite during the solidification and refining the dendrite structures. The co-segregation of Mn, C and Si occurred in the interdendritic regions. The segregation ratio of Mn, C and Si gradually decreased with the increase in Ce content, alleviating the element microsegregation.