The relationship between GMA welding conditions and the bead shape of overlay weld was studied by using ${Phi}1.6mm$ hypo-eutectic metal-cored wire designed for hardfacing against the severe metal-to-metal wear. As the welding voltage increased, the dilution also increased but the sudden drop of dilution was observed at $30{sim}33V$. It was considered to be due to the decrease of penetration resulting from the change of transfer mode, from short circuit to spray. It was also found that the behavior of penetration with welding current was dependant on the transfer mode. The short circuit mode exerted the penetration to decrease while the spray mode did it to increase with increase of welding current. The former was considered to be responsible for the remarkable decrease in dilution at low welding voltage region. The change of transfer mode also had an effect on the behavior of bead width with welding current but it did not on the bead spreadability defined as W/H ratio. It was considered that the optimal welding conditions for multi-pass overlay welding could be obtained from the bead spreadability suitable for bead lapping and the dilution as low as possible in the spray transfer mode.