The extreme high-speed laser material deposition (EHLA) process has the potential to enable additive manufacturing for mass production by overcoming the limitations of slow scanning speed in conventional laser material deposition (LMD) processes. Thermal features are the key factors to link process and properties. A sound understanding of process-thermal-property relationships is essential for performance control and process optimization of a deposited component. In this study, we studied the thermal characteristics within a single layer and among layers for continuous processing using the numerical method, and reveal the mechanism of microstructure and hardness changes of AISI 4140 material formed by EHLA and LMD processes through the analysis of thermal properties and temperature history results. The grain size and hardness evolution for both processes during single-layer cladding and continuous forming processes were investigated. The results revealed that the grain refinement effect in continuous LMD processing is stronger than that in EHLA process (from 30.0 μm for single layer to 3.2 μm for multi layers vs. from 18.6 μm for single layer to 2.2 μm for multi layers). Similar hardness values were obtained by LMD and EHLA processes, with mean values of 511 HV and 472 HV, respectively. The yield and tensile strengths of EHLA were superior to the conventional cast material, but inferior to those of the conventional material quenched and tempered at lower temperatures. The enhanced tensile results of EHLA process were found similar to those prepared through conventional method with quench and tempering at 600 °C.