Tungsten inert gas (TIG) welded joints between Zircaloy-4 and stainless steel 304L have been studied by scanning electron microscope (SEM) having energy dispersive system (EDS) as an attachment. Intermetallic compound Zr(Cr, Fe)(2) and Zr2Fe-Zr2Ni eutectic phase have been observed in the molten zone. The surface area occupied by intermetallic compound Zr(Cr, Fe)(2) is about twice compared to Zr2Fe-Zr2Ni eutectic phase. The shape of the intermetallic compound is rod like. The phases were also identified by using X-ray diffraction (XRD) technique. EDS and XRD results are quite in agreement.