Injection molding is a cost-effective to manufacture molded products by injection molding machine. A precision part with microstructures can be fabricated effectively through a precision mold. In this study, a cost-effective method for rapid manufacturing a precision component and a precision injection mold with microstructures by integrating additive manufacturing, rapid tooling, and computer numerical control milling. It was found that of the dimensional accuracy of a precision component in the length, width, and height can be controlled at approximately 30 µm. Injection molding was performed using an injection mold with microstructures with a microstructure of 950 µm and the dimensional accuracy of a molded part in the length, width, and microstructure can be controlled at approximately 60 µm, 50 µm, and 10 µm, respectively. The remarkable findings of this study can be used for the fabrication of molds or dies efficiently and economically for trial production in the mold industry since the quality of the precision component and the precision mold can meet the standards of the general industry.