Abstract: Circular hole is a common structure in metal parts fabricated by selective laser melting (SLM), but it is difficult to evaluate the deformation behavior during the forming process experimentally. Recently finite element (FE) simulation technology has been widely used to predict the deformation during SLM processes. A multi-layer and multi-track finite element model was established to study the effects of laser power, scanning speed, scanning strategy, and substrate preheating on the forming behavior of GH4169 circular holes fabricated by SLM. The results show that with the increase of the laser power and the scanning speed, the dimensional accuracy of the circular hole first increases and then decreases. The optimal process parameters are the laser power of 300 W and the scanning speed of 1200 mm/s. The simulation results are in good agreement with the experimental results. In addition, the simulation results also show that higher dimensional accuracy can be obtained under the 67° rotating profile scan, but the preheating of the substrate has little effect on the dimensional precision of circular hole. Therefore, the study of this paper can provide optimization guidance for SLM process of circular hole structure.