In the field of metal additive manufacturing, wire and arc additive manufacturing (WAAM) has received widespread attention due to its high deposition efficiency and low cost. However, its manufacturing precision is relatively low, leading to higher surface roughness of the formed parts. Moreover, the high heat input and temperature gradients result in significant internal residual stresses in the formed parts, making them prone to deformation. Furthermore, the thermal accumulation effect of the WAAM affects the microstructure, leading to coarsened grains and segregation, ultimately impacting the performance of the formed parts. In this study, a wire and arc hot rolling composite additive manufacturing (WAHRAM) technique is proposed. The technique involves rolling the weld bead with the weld roller for forming. A single pass multi-layer finite element model of 316L stainless steel arc hot rolling composite additive manufacturing was established. The study examined the effects of different amounts of compression on the temperature, stress–strain, and displacement deformation of the formed samples. It revealed the relationship between the morphology of the weld bead and the forming load. The results showed that hot rolling can significantly accelerate the cooling of the deposition layer, increase its plastic deformation, reduce its residual stress, and decrease the warping deformation of the substrate. Finally, single pass multi-layer deposition experiments were conducted to verify the accuracy of the numerical model.