CMT welding sources are garnering attention as alternative heat sources for wire arc additive manufacturing because of their low-heat input. A comprehensive experimental and numerical study on the multi-layer deposition of STS316L was performed to investigate effect of heat accumulation during the deposition. The numerical model which is appropriate for WAMM was developed considering the characteristics of the CMT heat source for the first time. Using a high-speed camera, the transient behavior of the CMT arc was investigated, and applied to the heat source of the numerical model. The model was then used to analyze 10-layered deposits of STS316L, fabricated using CMT-based WAAM. During deposition, the temperature is measured using a pyrometer to analyze the microstructure, after which the cooling rate of each layer is estimated. The measured and simulated SDAS were compared. Based on the comparison, a guideline for the equation regarding the SDAS size and cooling rate was suggested.