Laser additive direct deposition of metals is a new rapid manufacturing technology, which combines with computer-aided design (CAD), laser cladding and rapid prototyping. The advanced technology can build fully dense metal components directly from CAD files with neither mould nor tool. Based on the theory of this technology, a promising rapid manufacturing system called “Laser Metal Deposition Shaping (LMDS)” has been constructed and developed successfully by Chinese Academy of Sciences, Shenyang Institute of Automation. Through the LMDS system, comprehensive experiments are carried out with nickel-based superalloy to systematically investigate the influences of the processing parameters on forming characteristics. By adjusting to the optimal processing parameters, fully dense and near-net-shaped metallic parts can be directly obtained through melting coaxially fed powder with a laser. Moreover, the microstructure and mechanical properties of as-formed samples are tested and analyzed synthetically. As a result, significant processing flexibility with the LMDS system over conventional processing capabilities is recognized, with potentially lower production cost, higher quality components, and shorter lead-time.