High-strength low-alloy (HSLA) steel is used in important steel structural members because of its strength and plastic toughness. Q960 steel is HSLA steel obtained by adding an appropriate amount of alloy elements and quenching and tempering treatment on the basis of ordinary low-carbon steel. This kind of steel has strong hardenability due to the alloy elements added. Cold cracks, embrittlement and softening of the heat-affected zone easily occur after welding. In particular, the low-temperature impact toughness cannot meet the requirements and limits its use. In this paper, self-shielded welding is used to adjust the content of aluminum in flux-cored wire. The relationship between weld metal (WM) microstructure and strength and properties was studied by tensile test and impact test, and the influence mechanism of Al content on weld metal microstructure and properties was analyzed. The results show that when the content of Al is 0.21%, the impact energy at 0 °C~−60 °C is the best, the tensile strength can reach 1035 MPA and the number of pores is small. The size of inclusions in WM is mostly less than 1.0 μm Al2O3 spherical oxide. It can become the center of acicular ferrite (AF) and increase the nucleation probability. However, with the increase of Al content, large irregular AlN inclusions are produced, which reduces the tensile strength and impact energy of the welded joint.