Simulated microstructures of the TZ, ICHAZ, FGHAZ, and CGHAZ of weld joints made from two kinds of HSLA steels with 0 or 0.079 wt pct Nb were prepared by means of heat treatment. Optical microscopy and transmission electron microscopy were used to observe microstructures and the distribution of nanosized precipitates in the simulated weld heat-affected zone (HAZ). Mechanical properties of the simulated HAZ were measured by tensile tests, and the corrosion behavior in simulated seawater was studied using electrochemical and immersion tests. It was shown that the ICHAZ and CGHAZ possess the worst overall mechanical properties in both kinds of HSLA steels, and the corrosion resistance in the descending order was the BM, TZ, FGHAZ, ICHAZ, and CGHAZ. Contrasting Nb-bearing and Nb-free steel demonstrated that the strength and corrosion resistance of the simulated HAZ were enhanced by Nb microalloying, which resulted in precipitation, homogeneous microstructures, and other relative sequences. Moreover, the surface of the Nb-bearing steel formed compact corrosion product films with higher resistance to ion migration; thus, the initiation and propagation of pitting holes were effectively inhibited.