In combination with experiments and multi-step finite element simulation, the residual stress distribution in components manufactured by laser powder bed fusion (LPBF) and the influence of the initial residual stress field on the laser shock peening (LSP)-induced compressive residual stress field. The validity of the simulation results was verified by the residual stress values measured with X-ray diffraction. The results show that the thermal stress of the lower and middle layer materials in the component fabricated by LPBF undergoes a transition from zero stress, compressive stress, tensile stress to compressive stress, while the top layer material shows a transition from zero stress, compressive stress to tensile stress, thus leading to tensile residual stress occurred on the surface layer of LPBF fabricated component, while compressive residual stress in the lower part. The action of initial residual stress field results in the reduced peak value but increased depth of LSP-induced compressive residual stress. The initial residual tensile stress field of LPBF components can exert a suppressive and dragging effect on the reverse plastic deformation caused by surface waves, leading to reduced intensity and changed position of the “residual stress hole”, which can improve the uniformity of LSP-induced residual stress distribution.