The structure, the mechanical properties, the impact toughness, and the fracture mechanisms of the welded joints made of steel 09G2S plates by direct current welding and pulsed arc welding with a modulated arc current in the frequency range 0.25–5.0 Hz are studied. The application of low-frequency pulsed arc welding allowed us to form welded joints with a fine-grained structure in the weld metal and the heat-affected zone and to achieve a higher impact toughness and a longer cyclic fatigue life as compared to the welded joints fabricated by direct current welding. The achieved effect manifests itself over the entire testing range from 20 to–60°C.