An austenitic stainless steel 316L deposition specimen is fabricated by cold metal transfer‐based swing arc additive manufacturing (CMT‐SAAM), and its formation, microstructure, and tensile properties are investigated. The results showed that the 316L deposited samples exhibited a multi‐layer structure with a small aspect ratio, and the surface forming accuracy is improved with the increase in the swing amplitude. The remelted zone near the interface is dominated by long grains perpendicular to the fusion line, whereas the deposited zone is dominated by columnar dendrites and shows an <100> orientation. Along the building and transverse direction of the swing deposits, the microhardness distribution is uniform. Compared with rollings and forgings, 316L deposited by using the CMT‐SAAM method has both a higher strength and toughness. The average ultimate tensile strength is 573 MPa, and the elongation at break is 52.6%. The high strength and toughness of 316L specimens are attributed to the fine microstructure, high‐density dislocations, and low‐angle grain boundaries (LAGBs) generated during the CMT‐SAAM process.
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