Ultrasonic impact peening was applied on welded joints manufactured from Strenx 700 MC high strength low alloy steel with the aim to improve the fatigue properties. Three different surface treatment parameters were tested, which resulted in transformation of the near-surface tensile residual stresses in the weld metal and heat affected zone to compressive residual stress field, while maximal values from −400 MPa up to −800 MPa were reached. The highest fatigue life improvement was reached by the double peening with the 85 N contact force, where the fatigue limit for N = 108 cycles increased from 370 MPa to 410 MPa.