A novel additive manufacturing method with TIG–MIG hybrid heat source was applied for fabricating 5356 aluminum alloy component. In this paper the microstructure evolution, mechanical properties and fracture morphologies of both as-deposited and heat-treated component were investigated, and how these were affected by different heat-treated temperature. The as-deposited microstructure showed dominant equiaxed grains with second phase, and the size of them is coarse in the bottom region, medium in the middle region and fine in the top region owing to different thermal cycling conditions. Compared with as-deposited microstructure, the size of grain becomes large and second phases gradually dissolve in the matrix as heat-treated temperature increase. Different microstructures determine the mechanical properties of component. Results show that average ultimate tensile strength enhances from 226 to 270 MPa and average microhardness increases from 64.2 to 75.3 HV0.1 but ductility decreases from 33 to 6.5% with heat-treated temperature increasing. For all components, the tensile properties are almost the same in the vertical direction (Z) and horizontal direction (Y) due to equiaxed grains, which exhibits isotropy, and the mechanisms of these are analyzed in detailed. In general, the results demonstrate that hybrid arc heat source has the potential to fabricate aluminum alloy component.