In this paper, resistance spot welding process of AISI 201 stainless steel is studied experimentally. For this purpose, effect of welding current on quality of weld is investigated and relationships between welding current and fusion zone characteristics are examined. For determining mechanical properties such as maximum load and fracture mode, tensile - shear test of spot welds is performed.  Hardness and microstructural examinations are performed for study the influence of welding current on characteristics of welded joints. The results show that strength of resistance spot welds of AISI 201 stainless steel is increased with increase in welding current. Transition of fracture mode from interfacial to pullout and then pullout with tearing of sheet mode during tensile-shear tests of AISI 201 spot welds is investigated through experimental and theoretical approaches. It is concluded from results that increasing in welding current leads to change in fracture mode from interfacial to pullout mode due to increase in fusion zone size (weld nugget size). Also, it is observed that increasing in fusion zone size is accompanied by an increase in load carrying capacity of resistance spot welds. The minimum required fusion zone size to ensure pullout fracture mode is estimated using an analytical model.