The hybrid process integrates two or more different processes, such as additive and subtractive manufacturing, which have gained appreciable consideration in recent years. The deformation of hybrid manufacturing is an essential factor affecting machining quality. The purpose of this paper is to study the effect of milling on stress release and surface deformation of additive manufacturing (AM) specimens in the process of additive and subtractive hybrid manufacturing (ASHM) of 316L stainless steel thin-walled parts, so as to effectively improve the forming quality of thin-walled parts manufactured by the combined processing of ASHM. To this end, a series of experiments were carried out to study the relationship between stress distribution and thermal stress deformation of 316L stainless steel thin-walled parts prepared by LMD, and the changes of stress and deformation of these thin-walled parts after subsequent milling. An infrared camera and laser distance sensor were used to record the temperature field data and deformation data to analyze the influence factors of temperature and stress on the machining results. Then, the finite element software was used to simulate the stress and deformation of the thin-walled parts in the additive manufacturing process and the subsequent milling process. Meanwhile, the model was verified through the experiments. In addition, the relationship between the milling force and the milling parameters of the AM parts was studied by orthogonal test and regression analysis.