A magneto-optical (MO) imaging nondestructive testing (NDT) method for ferromagnetic weldments has been proposed. The mechanism of MO imaging was analyzed by the Faraday MO effect, magnetic domain theory, and magnetic hysteresis loops. Then, the relation between MO images and their corresponding excitation voltages was investigated. To explain the MO imaging system, magnetic domain distribution models of various welding states were established. These models are excited by two kinds of magnetic fields. One is the external magnetic field (Hex), and the other is a weldment remanence field (Mr) after Hex is removed. Relations of magnetic field excitation voltages, thickness of the spacer plate, and the corresponding MO images were also researched, which indicates the proposed NDT method can be used to detect incomplete penetration defect. Then, an experiment that uses MO imaging to detect the defects of high-strength steel (HSS) weldment was performed. Experimental results proved this method can detect crack, sag, and incomplete penetration of weldment effectively. Finally, a series of welded joint MO images of the HSS weldment were captured, which are used as the input data of the defect classification model established by using principal component analysis and an error backpropagation neural network, and the accuracy of this classification model can achieve 92.8%.