Résumé : Dilution is an event that has a great influence on the microstructure and, consequently, in the properties of weld claddings. The present study evaluated the effect of dilution level on the microstructure of the fusion zone of alloy Inconel 686 weld claddings. The claddings were welded by the TIG cold wire feed process. The dilution was calculated from the geometric characteristics and based on chemical composition of the materials obtained by energy dispersive X-ray spectroscopy and optical emission spectroscopy. The microstructures of all claddings were composed by a γ-FCC matrix with some minor precipitates. These particles are called in the literature topologically close-packed phases (TCP). These precipitates assumed several morphological aspects, being the shapeless morphology observed in more frequency in all claddings evaluated, independent of dilution level. A phase with lamellar morphology, with growth establishing an orientation relationship with the γ-FCC matrix solidification direction, was observed only in claddings with a low dilution level. In addition, a shapeless phase with a fine precipitation aggregated was observed in claddings with a high dilution level.