Two single track multi-layer walls with linear energy inputs (LEIs) of 219 and 590 J/mm were deposited by cold metal transfer-based wire arc additive manufacturing system. Combined with the X-ray diffraction technique, scanning electron microscope and uniaxial tensile tests, the influences of LEI and cooling rate (CR) on the microstructure evolution, mechanical properties and fracture mechanisms of the studied steel are analyzed. It is observed that the microstructures of the studied steel are mainly composed of δ-ferrite and austenite dendrites. σ phase is formed on the δferrite–austenite interface under low CR. Meanwhile, the primary dendrites’ spacing decreases with the decrease in LEI or the increase in CR, and the maximal primary dendrites’ spacing is 32 μm. The values of elongation to fracture roughly decline with the decrease in LEI or the increase in CR, but the variations of ultimate tensile strength and yield stress show an opposite trend. In addition, the mesoscopic damages in the studied steel under low LEI are mainly caused by the coalescence of pores. While under high LEI, the cracks are induced by the dislocations piling up around δ-ferrite.