In this study, a finite element model employing commercial software (ANSYS®) is utilized to simulate transient heat transfer during the laser additive manufacturing (AM) process. The laser beam is represented as a moving heat source (MHS) with a Gaussian energy distribution. The research investigates how variations in laser power and scanning speed influence temperature fluctuations, thermal strain, equivalent stresses, and the deformation of deposited layers. Moreover, the model incorporates temperature-dependent thermal properties such as density, thermal conductivity, thermal expansion coefficient, and enthalpy. To introduce geometric complexity, a plate with a circular hole is employed instead of a simple flat layer. The investigation includes a mesh sensitivity analysis to ensure numerical robustness. The model is used to evaluate the effects of two different scanning strategies on the temperature, stress distribution, and deformation of the component. The differences in temperature, equivalent stresses, and deformation between the “in–out” and “out-in” scanning strategies are found to be approximately 6–11%, 21%, and 23.5%, respectively. This study aims to enhance understanding of how AM process parameters and scan strategies impact the quality and characteristics of manufactured products.