In the process of the investigation of the heat resistance of a 0.07C–12Cr–Ni–Mo–V–Nb steel of the martensitic–ferritic class, a reduction was revealed in the long-term strength of its welded joints to below the level of the strength of the base metal. To establish the causes for the accelerated failure of the welded joints, an imitation of the thermal cycles was carried out that produce the structure of the heataffected zone using a dilatometer. In the samples with the structure that corresponds to that of the heataffected zone, a local zone of softening was revealed. The investigations of the metal structure using transmission electron microscopy have shown that the reduction in the creep rupture strength was caused by structural changes under the conditions of the thermal cycle of welding upon the staying of the steel in the temperature range between the Ac 1 and Ac 3 points.