In this study, effects of carbon and nickel on microstructure and low temperature Charpy impact properties of HSLA (high strength low alloy) steels are investigated. To understand the complex phase transformation behavior of HSLA steels with high strength and toughness before and after welding processes, three kinds of HSLA steels are fabricated by varying the carbon and nickel content. Microstructure analysis, low temperature Charpy impact test, and Vickers hardness test are performed for the base metals and CGHAZ (coarse-grain heat affected zone) specimens. The specimens with the lowest carbon and nickel content have the highest volume fraction of AF, the lowest volume fraction of GB, and the smallest GB packet size. So, the low temperature Charpy absorbed energy of the CGHAZ specimen is the highest. The specimens with increased carbon and nickel content have the lowest volume fraction of AF, the highest volume fraction of GB, and the largest GB packet size. So, the low temperature Charpy absorbed energy of the CGHAZ specimen is the lowest.