Metal powder-cored flux-cored wire benefits from simple powder configuration and high transition coefficient of alloying elements. It is considered to be a material that can replace solid wires. Wire and arc additive manufacturing technology (WAAM) is a technology for rapid prototyping of metal parts. In this study high-strength steel powder-cored flux-cored wire has been adopted, high-speed camera and electrical signal system were used to analyze the characteristic of droplet transfer and arc stability of high-strength steel powder-cored flux-cored wire. Moreover, the formation, microstructure and mechanical properties of WAAM high-strength steel parts under the pulse process were analyzed deeply. The feasibility of high-strength steel flux-cored welding wire was preliminarily explored. The experimental results showed that the droplet transfer type of high-strength steel powder-cored flux-cored wire is a non-axial droplet short circuit transition with multiple pulses and one drop, and the forming quality of the multilayer single-pass deposit is good. The transverse and longitudinal mechanical properties of the sedimentary layer are different. The tensile strength, yield strength and elongation along the transverse are better than longitudinal ones. The SEM observation of the tensile fracture shows that there are a large number of dimples in both of the transverse and longitudinal fractures of the deposited parts, which suggest that the fracture mode are ductile fracture.