Coarse grains and gas pores are two main problems that limit the application of additive manufacturing aluminum alloys. To reduce porosity and refine grains, this paper presents a quantitative investigation into the effect of pulse frequency and arc current on the porosity and grains of arc additive manufacturing Al–5Si alloy. The experiment results show that pulse frequency and arc current have a significant impact on the macrostructure, microstructure, porosity, and tensile properties of the samples. Fine grains and a uniform microstructure can be obtained with low pulse frequency and low arc current as a result of the rapid cooling of the molten pool. With the increase of pulse frequency, density shows a trend that firstly escalates and attains the maximum value at 50 Hz, but later declines as a result of the relation between pores formation and gas escape. Moreover, better tensile properties can be obtained at low pulse frequency and low arc current because of the finer grains.