The Korean helium cooled ceramic reflector (HCCR) test blanket module (TBM) has been developed for ITER, and Korean reduced activation ferritic martensitic (RAFM) steel, called advanced reduced activation alloy (ARAA), has also been developed for a structural material of the HCCR TBM. One case of limited optimized electron beam (EB) welding conditions was selected based on previous work, and the weldability of an EB weld was evaluated for TBM fabrication. The micro-hardness was measured from the base to the weld region, and the microstructures were also observed. A small punch (SP) test considering the HAZ was carried out at room and high (550°C) temperatures. The empirical mechanical properties of HAZ in the EB weld were evaluated, and the fracture behavior was investigated after the SP test. The SP results show that the estimated yield and tensile strength of the HAZ were higher than the base metal at both temperatures. A rupture occurred in the base metal region, and an elongated ductile fracture was observed on the fractured surface at both temperatures.