Hybrid additive manufacturing (AM) refers to a combination of two metal AM techniques: material deposition by powder bed fusion (PBF) and additional building by directed energy deposition (DED). This study focused on different characteristics in accordance with relative deposition directions of PBF and DED during hybrid AM production. Characteristics of the sample fabricated by hybrid AM (i.e., hybrid sample) were compared with those of the sample fabricated by PBF or DED. Ferrite was dominant in the microstructure of PBF deposits with very fine retained austenite observed locally. In contrast, lath martensite and retained austenite were formed uniformly in the microstructure of DED deposits. Different microstructures in the two processes were attributed to differences of cooling rate. In DED deposits, microhardness was significantly decreased owing to a high retained austenite fraction. However, in the hybrid sample, microhardness was rapidly increased in the HAZ owing to aging heat treatment for long-term deposition. Principal wear mechanisms of PBF and DED samples were oxidative wear and plastic deformation, respectively.