Wire arc additive manufacturing (WAAM) technology is widely used in the fields of aerospace, shipbuilding, and automobile industry due to the advantages of fast forming speed, high material utilization and low production cost. WAAM is extremely sensitive to parameters, and different processes and materials produce different deposition effects and properties. Therefore, it is of great significance to study the WAAM formability of various materials. Herein, the microstructure, mechanical properties, and galvanic corrosion behavior of the low-carbon high-strength steel (10CrNi3MoV) fabricated by cold metal transfer (CMT) WAAM technology were investigated. The single-channel multilayer deposition parts were prepared by reciprocating deposition, and the forming parts were divided into six zones by observing the different positions of the structure: matrix, heat-affected zone, remelting zone, initial deposition zone, interlayer zone, and interlayer bonding zone. Electron backscattered diffraction (EBSD) analysis showed that the amount of recrystallization and substructure in the deposition layer had no obvious change, and the texture phenomenon was the most obvious in the initial deposition zone of the pole map reaction. The texture phenomenon gradually weakened with the increase of the deposition layers. The microhardness from the matrix to the deposition stable zone was tested. The hardness of the matrix changed smoothly, that of the heat-affected zone was the largest, and that of the deposition layer was 221–282 HV0.2. The tensile properties were tested in different directions and angles, and the yield strength and tensile strength of the deposited layer were more than 550 MPa and 760 MPa, respectively. The galvanic corrosion behavior between the deposited layer and the matrix was investigated, and the polarization curve showed that the corrosion potential of the deposited layer was lower than that of the matrix, and the corrosion current density of the deposited layer was higher than that of the matrix.