Additive manufacturing with laser powder‐bed fusion (PBF‐LB/M) can generate complex metal parts with a high degree of design freedom, which are already being used in various industries. However, the PBF‐LB/M process faces some limitations in achievable surface quality and feature size. To address these challenges, we have developed a novel hybrid manufacturing approach that combines additive manufacturing via PBF‐LB/M with subtractive manufacturing via ultrafast laser machining. By alternating between additive and subtractive processes, it is possible to not only mitigate the limitations of each process but also to introduce new functionality. This synergistic combination enables the creation of parts with superior surface finishes and deep and narrow internal features that are not possible with a single method alone.