Warping and dross formation are the main defects of an overhang structure formed by laser powder bed fusion. In order to study these defects, a seven−shaped overhang structure with different lengths and heights of the overhang was printed. The influence of the temperature and stress field on the overhang structure was investigated using a 3D finite element (FE) model. The results of the simulation showed that the molten pool in the powder support zone was much larger than the molten pool in the solid support zone. The molten pool sank due to the actions of gravity and the capillary force. This led to the powder melting, which then formed a droplet−like dross formation on the lower surface. The temperature difference between the regions led to a large residual stress. When the residual stress exceeded the material strength, warping deformation occurred in the top area, affecting the subsequent powder−laying process. The warping zone was remelted when the next layer was processed. As the number of forming layers increased, the thermal conductivity and stiffness increased continuously, and the deformation of the top area gradually decreased. The experiment results showed that the longer the overhanging length was, the more serious the warpage was. When the overhanging length was below 3 mm, the warping of the top area continued to decrease to zero as the building process proceeded. Meanwhile, the dross formation appeared at the bottom of the overhanging area in all experimental groups. Studying the process of warping and dross formation was helpful to understand the defect change process in the manufacturing process of an overhang structure.