In the present investigation, wire arc additive manufacturing of Inconel 625 was carried out with the cold metal transfer variant of the metal inert gas process. The heat input varied between 0.46 and 0.63 kJ/mm, which is a rather low heat input with low deposition rate. The built walls were subjected to Charpy V and crack tip opening displacement (CTOD) fracture toughness testing, in addition to microstructure examination with light microscope and scanning and transmission electron microscope. The results obtained show that hardness increases from the base metal level of 210, via the heat-affected zone (in the building plate) with HV of 220, to the weld metal, with a hardness of around 240–250. All individual Charpy V values fall within the range from 160 to 200 J, while the CTOD fracture toughness is within the range from 0.49 to 1.05 mm. The microstructure examination revealed the microsegregation of certain elements to the interdendritic regions, causing three different particle types to form. Particles with a spherical morphology were identified as spinel (MgAl2O4). Some of the spinel particles were surrounded by disc-shaped precipitates, which were identified as (NbTi)(CN), having the same orientation as the spinel.