The paper is concerned with the mechanical and microstructural properties of laser-deposited 316L stainless steel components, their dependence on manufacturing parameters and their competitiveness with conventionally built materials. Effects of different thermal history during fabrication as well as heat treatment on the mechanical and microstructural characteristics of LENS-produced specimens are investigated. The results have shown that yield and ultimate tensile strength of LENS-produced AISI 316L stainless steel are higher than cast and wrought materials. Lower ductility of LENS-produced samples can be improved by heat treatment. Two groups of samples with different time intervals between layers have been printed in this study. Time interval between successive layers will have a direct influence on the thermal history of the part and consequently, on the solidification heat transfer and thus the inherent microstructure evolution.