Laser engineered net shaping is a promising technique to fabricate high-performance components with complex geometry rapidly. Excellent properties of fabricated specimen and high deposition efficiency are both important for this additive manufacturing method, but few researches have been done on the relationship between them. In this paper, single-bead multilayer structures of 316L stainless steel are fabricated by laser en-gineered net shaping (LENS). Using the same laser power and scanning speed, different deposition efficiencies are achieved by adjusting powder flow rate and layer increment. Microstructures and mechanical properties of the deposited structures under different deposition efficiencies are discussed. The results show that, for certain laser power and scanning speed, the deposition efficiency increases from 12.41 mm3/s to 22.62 mm3/s with the increase of the powder flow rate and layer increment , which increases by 86.3% compared with the initial pro-cess. Laser energy consumed by depositing unit effective volume reduces from initial 98.84 J/mm3 to 53.06 J/mm3 and the energy efficiency increases by 46.32%. Microstructures of the specimen consist of columnar den-drite and the dendrite length increases obviously with the deposition efficiency. Property test shows that proper-ties of the specimen under different deposition efficiencies are consistent and do not decrease with the deposi-tion efficiency. Tensile strength and yield strength are stable in 510 MPa and 290 MPa, respectively. The elonga-tion rate is around 40% while the micro-hardness is about 180 HV, all of which have reached the same level of forging. The results illustrate that the deposition efficiency and mechanical property can be optimized, which achieves fabrication of high performance parts with low energy consumption and high efficiency.