Deformation and fracture properties of structural materials are greatly influenced by the factors like applied load, state of stress, and temperature. A precise prediction of the material properties of stainless steel at elevated temperature is necessary for determining the load-carrying capacity of structures under severe conditions. The present work reports the deformation and failure characteristics of 304L stainless steel subjected to combined laser heating and mechanical loading. The effect of main parameters on stress-strain, fracture characteristics, failure time, and temperature profile of specimens have been explored. Specimens were subjected to prescribed loading states, and then irradiated by a continuous wave fiber (1.08 µm) laser. The stress-strain curves indicated that the specimens experienced slight strain hardening in a specific temperature range prior to fracture. The specimen's ultimate failure time is found to be reduced by increasing either laser power density or preload level. Fracture on a microscopic scale was predominantly ductile, comprising dimples as well as micro-void nucleation, growth, and coalescence. With the increase of laser power density, dimples rupture is the primary fracture mode, while with the increase of preload value, relatively more in-depth and severe deformation effects were observed. The description and characterization of 304L stainless steel failure under the simultaneous action of laser heating and tensile stress have been explored in detail.