Laser shock peening is a promising surface strengthening technology that can effectively improve the mechanical properties of materials. This paper is based on the laser shock peening process for HC420LA low-alloy high-strength steel weldments. Contrast analysis of the evolution of the microstructure, residual stress distribution and mechanical properties of the welded joints before and after the laser shock peening on each region is carried out; a combination of tensile fracture and impact toughness fracture morphology analyses of laser shock peening on the welded joint strength and toughness regulation mechanism are also completed. The results show that the laser shock peening can refine the microstructure of the welded joint effectively, the microhardness of all areas of the joint increases and the weld residual tensile stresses are transformed into beneficial residual compressive stresses, affecting a layer depth of 600 μm. In addition, the strength and impact toughness of welded joints of HC420LA low-alloy high-strength steel are improved.