To investigate the surface quality and mechanical properties of parts produced by powder feeding laser additive and milling subtractive hybrid manufacturing technology, using 316L stainless steel as the research object, we manufactured the samples by the alternate "additive-subtractive-additive-subtractive" cycle and tested the surface roughness, microhardness, and mechanical properties of the samples. The findings demonstrate that the surface roughness of the samples produced by the powder feeding laser additive and milling subtractive hybrid manufacturing decreases with increasing milling speed and increases with increasing feed per tooth. The powder feeding laser additive and milling subtractive hybrid-manufactured samples have lower surface roughness than the substrate sample prepared by the traditional process and have higher microhardness than additive-manufactured and forged parts. The tensile and yield strengths of powder feeding laser additive and milling subtractive hybrid-manufactured samples increase by 5% and 60.5%, respectively, compared with the additive-manufactured sample. However, their elongation rate after breaking reduces. The powder feeding laser additive and milling subtractive hybrid manufacturing technology can produce parts with high surface quality and good mechanical properties and can be directly applied to manufacture parts, such as 316L stainless steel tire molds. This method combines the features of additive manufacturing's high material utilization and degree of freedom with subtractive manufacturing's high precision and surface quality to produce parts with complex structures as well as high shape accuracy and surface quality.