Based on the phase space reconstruction of welding current in short-circuiting transfer arc welding under carbon dioxide, the approximate entropy of welding current and its standard deviation have been calculated and analyzed at different welding speeds and different electrode extensions respectively. The experimental and calculated results show that at a certain arc voltage, wire feeding rate and gas flow rate, welding speed and electrode extension have significant effects not only on the approximate entropy of welding current, but also on the stability of welding process. Further analysis proves that when the welding speed and electrode extension are in an appropriate range respectively, the welding current approximate entropy attains maximum and its standard deviation minimum. Just under such circumstances, the welding process is in the most stable state.