The widespread adoption of arc additive manufacturing techniques across various industries has advanced the field of SS316L stainless steel manufacturing. It is crucial to acknowledge that different welding modes exert distinct influences on the forming and mechanical performance. This study analyzed the thermal input associated with four specific welding modes in LORCH MIG welding, clarifying the transition dynamics of molten droplets through waveform analysis and examining the resultant effects on microstructure and performance characteristics. The Pulse, Speed-Pulse-XT, and Twin-Pulse modes were found to induce spatter during the manufacturing process, consequently reducing molding efficiency in comparison to the SA-XT mode. Notably, the Twin-Pulse mode, characterized by double-pulse agitation, generated fish scale patterns along the lateral surfaces of the fabricated parts, promoting anisotropic grain growth. This microstructural refinement, compared to single-pulse samples with equivalent thermal input, resulted in enhanced mechanical properties. Nevertheless, the horizontal tensile strength of the three pulse modes was lower than the industrial standard for SA-XT mode and forging. In contrast, the SA-XT mode with an average hardness of 168.1 ± 6.9 HV and a tensile strength of 443.58 ± 5.7 MPa. Therefore, while three pulse modes offer certain microstructural advantages, the SA-XT mode demonstrates superior overall performance.