Shaped metal deposition method using gas tungsten arc welding is a novel manufacturing technology that can be used for fabricating solid dense parts in layered manufacturing. This paper reports for the first time using the pulsed current shaped metal deposition technique for fabricating components using cold wire of AISI 308LSi stainless steel. The aim of this work was to investigate and compare the effect of pulse frequency and other deposition process parameters on the morphology aspects and microstructure characteristics of the manufactured components using pulsed and continuous current processes. The obtained results reveal that the structure of the deposited specimens produced via pulsed arc current is generally having finer grains, high residual ferrite, and absence of columnar grains. Pulse frequency and current ratio have a significant influence on the surface morphology and microstructure of the manufactured parts. Good metallurgical bonding with no sensitization effects can be seen in all tested specimens. The presented additive layered manufacturing method can be recommended for near net-shaped processing of austenitic stainless steel components, and it can be used as an alternative manufacturing method for fabricating metal components with free defects, higher corrosion resistance, and superior mechanical properties.