Because low thermal conductivity and high viscosity are common characteristics of austenitic steel, it is easy to cause a large amount of heat accumulation in the chip area, resulting in tool edge collapse or wear, and the traditional preparation method is unsuitable for preparing large and complex austenitic steel components. Wire + arc additive manufacturing (WAAM) provides a great application value for austenitic stainless steel because it can solve this problem. The cold metal transfer (CMT)-WAAM system with good control of heat input was used to fabricate the multi-trace and multilayer stainless steel 321 (SS 321) workpiece in this study. The microstructure and corrosion properties of the SS 321 workpiece were observed and compared with those of an SS 321 sheet. The results showed that the microstructure of the SS 321 workpiece from top to bottom was regularly and periodically repeated from the overlapping remelting zone, inter-layer remelting zone, and primary melting zone. There was white austenite matrix and black ferrite, and a small amount of skeleton and worm ferrite was distributed on the white austenite matrix. The average hardness value from the top to the bottom region was approximately uniform, indicating that the workpiece had good consistency. The corrosion properties in 0.5 mol/L H2SO4 solutions were compared between the SS 321 workpiece and the SS 321 sheet. The results showed that the corrosion properties of the top region of the workpiece were better than that of the middle and bottom part, and the corrosion properties of the SS 321 workpiece were better than that of the SS 321 sheet.