The gradual and uniform variation in the composition of the material, generally two, is called functionally graded materials (FGM). These FGM are used in practical applications to advantage both material properties. Several methods are used to fabricate the FGM components. The current article is research on the direct energy dispersive technique of 3D Printing employed for depositing the SS316L and Co-Cr-Mo alloy FGM samples. L9 orthogonal array of Taguchi method is used. Process parameters like laser power, powder feed rate and scan speed have been used for deposition. Their structural properties are analysed using scanning electron microscopy, X-ray diffraction, element dispersive technique, and Fourier transform impedance spectroscopy. The results reveal that defect-free samples were deposited, and all the samples have Body Centered Cubic structure except one. Good elemental bonding was observed between SS316L and Co-Cr-Mo alloy.