The corrugated beam guardrail serves as a crucial safety measure for highway traffic, acting as the final barrier against accident vehicles. Typically, these guardrails are assembled using splicing bolts to connect individual plates. To investigate the mechanical properties of the spliced joints, a series of test specimens were designed with varying parameters, specifically the torque applied to the splicing bolts and the distance from the bolt hole edge. Static tensile tests assessed how changes in bolt torque affected the ultimate stress at the connection points. Pendulum impact tests further examined the influence of bolt torque, bolt hole edge proximity, and impact energy on the damage characteristics of the guardrail. Additionally, full-scale vehicle crash tests confirmed the impact of different bolt hole edge distances (2 cm and 3 cm) on the protective efficacy of the guardrail. Results indicate that extremes in bolt torque—either too high or too low—are detrimental to the connection’s integrity. Specifically, increased bolt torque or decreased distance from the bolt hole edge heightens the risk of bending and tearing at the splice site. It was found that when the splicing bolts are tightened to 70 N·m, the corrugated beam guardrail fulfills its protective requirements across various bolt hole edge distances (2 cm and 3 cm), confirming compliance with relevant guardrail standards.