Wire arc additive manufacturing (WAAM), as a novel rapid prototyping technology, can be applied to fabricate high-mechanical-property components with complex shape. Thin-walled components of GWZ932 alloy were fabricated by WAAM based on cold metal transfer (WAAM-CMT) with different deposition rates, and the microstructure evolution and mechanical properties were studied. The results show that as the deposition rate increases from 4.5 mm/s to 7.5 mm/s, the average height and width of deposition layers both decrease. The reduction of heat input also leads to significant grain refinement. At the deposition rate of 6 mm/s, the alloy shows the best mechanical properties, with the yield strength, tensile strength, and elongation of 161 MPa, 236 MPa, and 4.5%, respectively. The mechanical properties exhibit isotropy, and the fracture surface shows obvious characteristics of brittle fracture.