This research manuscript explores the residual stress analysis, mechanical and metallurgical aspects of dissimilar welded joints between AISI 316 and Monel 400 developed by constant, pulse and Interpulse current TIG welding processes. The induced residual stresses have been measured experimentally by employing X-ray diffraction. The mechanical properties of welded joints have been determined by conducting tensile and Vickers hardness testing. The metallurgical properties of weldments have been analyzed by employing optical and scanning electron microscopy. From the experimental results, lower residual stresses have been observed in Interpulse current TIG weldment than the other two weldments. The tensile properties of the Interpulse current TIG weldment were observed to be higher than the other two weldments. In Interpulse TIG weldments, grain refinement and reduced heat affected zone near the fusion zone have been observed.