In this study, two types of thick steel plates are prepared by controlling carbon equivalent and nickel content, and their microstructures are analyzed. Tensile tests, Vickers hardness tests, and Charpy impact tests are conducted to investigate the correlation between microstructure and mechanical properties of the steels. The H steel, which has high carbon equivalent and nickel content, has lower volume fraction of granular bainite (GB) and smaller GB packet size than those of L steel, which has low carbon equivalent and nickel content. However, the volume fraction of secondary phases is higher in the H steel than in the L steel. As a result, the strength of the L steel is higher than that of the H steel, while the Charpy absorbed energy at -40 °C is higher than that of the L steel. The heat affected zone (HAZ) simulated H-H specimen has higher volume fraction of acicular ferrite (AF) and lower volume fraction of GB than the HAZ simulated L-H specimen. In addition, the grain size of AF and the packet sizes of GB and BF are smaller in the H-H specimen than in the L-H specimen. For this reason, the Charpy absorbed energy at -20 °C is higher for the H-H specimen than for the L-H specimen.