In this paper, we investigated the drawing fracture behavior of ER50-6G welding wire steel and analyzed the factors affecting the fracture, such as continuous casting slag and inclusion, billet structure segregation, Ti inclusion, surface defect inheritance, metallographic structure type, fracture morphology, and so on. OLYMPUS GX53 optical microscope was used to observe and analyze the macrostructure of the cross-section and longitudinal section of the continuous casting billet and the original quality state of the wire rod surface. The continuous cooling transformation curve (CCT curve) of the steel was measured using a DIL805A thermal dilatometer and a Gleeble-3500 thermal simulation test machine. The microstructures of the non-fracture area and drawing fracture of wire rod samples were observed through a ZEISS-ULTRA scanning electron microscope. The results show that the austenite starting transformation temperature (Ac1) and the austenite finishing transformation temperature (Ac3) of ER50-6G welding wire steel are 732 °C and 865 °C, respectively. Under the actual cooling conditions of online production, the strip structure is composed of ferrite (F), pearlite (P), and a small amount of bainite (B). There is a small amount of slag and inclusion in the continuous casting billet; in addition, Al2O3 inclusions and TiC (or Ti(C,N)) inclusions can be observed in the wire rod. The scratch depth of the wire rod surface is 24∼62 μm and the width is 31∼50 μm. With the increase in drawing cumulative deformation, the Al2O3 and TiC (or Ti(C,N)) inclusions that are not easy to deform lead to drawing fracture and brittle fracture. In addition, a small amount of bainite in the wire rod microstructure causes the fracture of the wire with a fine diameter, whereas, the limited-depth scratches on the steel surface do not have an obvious effect on the drawing fracture.