Laser Net Shape Manufacturing (LNSM) of metal components was investigated. The LNSM system was integrated with on-line monitoring and closed-loop control system through which the process of LNSM was studied. It was found that when the real deposited height was larger than the preset layer thickness, the process could be kept stable automatically. When the real deposited height was smaller than the preset layer thickness, the deposition height became smaller and the process gradually became unstable and the process can not go on finally. The influence of processing parameters on the forming characteristics was systematically investigated by design of experiment. By online adjusting the layer thickness to be equal to the real deposition height through applying closed-loop control algorithm, the transfer function of maximum deposition height was obtained. With the guidance of the transfer functions, metal components of nickel-based superalloy with good shape and surface quality were fabricated.