In order to minimize the gaps between the direct laser deposition channels and improve the quality and performance of the formed parts, the process of direct laser deposition is utilized in laser additive manufacturing to create sequential, single- and double-channel deposition layers on 304 stainless steel plates. Under the premise of keeping the layer rate and defocusing amount unchanged, this study investigates the effects of laser power, scanning speed, and powder feeding rate on the morphology and inclusions of single- and double-channel deposited layers. The aim is to determine the optimal process parameter values for direct laser deposition of single-layer, single-channel Inconel 738. The effects of the three process parameters on the response values were investigated using a multi-factor, multi-level experimental design. The evaluation indexes for the analysis included the deposited layer wetting angle and aspect ratio. The analysis involved one-way extreme analysis and ANOVA analysis. The optimal process parameters are a laser power of 550~750 W, a scanning speed of 7~13 mm/s, and the powder feeding rate was 2.1~4.33 g/min. At the same time, the relationship between surface tension and gravity was integrated with the spherical coronal model and Young’s equation to develop a mathematical model of the direct laser deposition process at a theoretical level. The mathematical model of the direct laser deposition process was utilized to analyze the correlation between the geometric parameters of the cross-section of the deposited layer. This analysis provides a valuable data reference for future Inconel 738 direct laser deposition.