The process that combines selective laser sintering (SLS) and cold isostatic pressing (CIP) can manufacture nearly fully dense metal components with complex geometries. However, the SLS component will shrink to a significant extent during the CIP process. The modified cam-clay model was used to describe the constitutive equation of porous stainless-steel SLS components. The densification process of SLS porous components was simulated using the finite element method. The visual distributions of shape change, displacement, density, and stress were obtained, which showed that SLS components shrank with the same shape as the original design over the CIP process. In addition, a relative uniform density distribution appeared in cold isostatic pressed components. The experiment measurements displayed that the shrinkage rate of SLS components during the CIP process in height direction was a little higher than that on the forming plane due to the layer-by-layer manufacturing process of SLS. On the forming plane, the dimensional errors between simulations and experiments for the cuboid and the gear components are lower than 1% and 3%, respectively. However, the errors in height direction of the two components increase to the range of 6% and 9%.