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The number of easily destroyed parts with high value is increasing in industry, and green remanufacture engineering is now mainstream in this new and expanding industrial field. Equal–additive–subtractive manufacturing, as a new technology that combines strengthening technology, additive manufacturing, and machining technology has great potential for development in the area of remanufacturing. Aiming at the damage characteristics of a plunger rod, this paper carries out a study about the repair technology by equal–additive–subtractive manufacturing of laser-directed energy deposition and shot peening. It was found that the microstructure of the materials repaired by equal–additive–subtractive technology is finer and the tensile strength can reach 100.4% of the base material. The surface residual stress of cladding materials changes from tensile stress to compressive stress, which reduces forming defects. Equal–additive–subtractive manufacturing has great significance in expanding the application of hybrid manufacturing and promoting green remanufacturing of parts with high value.