The invention belongs to the field of additional material and subtractive material composite manufacturing, and concretely relates to a selective laser cladding and grinding in-situ composite manufacturing device. The device is formed by a laser cladding head, a laser cladding head Z-direction moving mechanism, a fine grinding wheel, a rotation B shaft, a grinding head Z-direction moving mechanism, a lathe bed, a forming parts, a first powder supply tank, a powder recovery tank, a powder dust collector, a base plate, a lifting table, a Y-direction moving platform, an X-direction moving platform, a machine tool base, a forming chamber, a protection air source, a powder recycle bin, a powder paving wheel, a second powder supply tank, a control cabinet, a machine tool protection cover and thelike. Two processing methods, i.e. additive material manufacturing and subtractive material manufacturing are integrated on one device, and are used for in-situ composite manufacturing, so that not only can the defects of dimensional accuracy and surface quality in a single additive material manufacturing technology be overcome, but also the restriction of grinding process in parts complexity canbe overcome, and high-efficient precision laser additive material manufacturing of various complex metal parts is hopefully realized.