Laser powder bed fusion (LPBF) is one of the most suitable processes in metal additive manufacturing (AM) due to its higher strength and better dimensional accuracy. LPBF has proven to build complicated components like heat exchangers, turbines, intake manifolds, and other aerospace components. These areas have a huge demand of ferrous materials (SS300 series) for better performance. SS316L has good corrosion resistance and better mechanical properties than other stainless steels like SS304. Therefore, SS316L demand has increased in the automobile, aerospace and health care sectors. A comprehensive review of the LPBF AM process on SS316L material was undertaken in the current study. The paper presents the physical, mechanical and microstructural properties of additively manufactured SS316L. The major problems that occur with the LPBF additive manufacturing process are surface roughness, residual stress and distortion also presented in this paper. The prediction of distortion and residual stresses are discussed for different AM process parameters and different simulation software. The effect of post-processing of AM parts is also discussed in detail. This review article will be very helpful for understanding the process parameters, testing methods, post-processing techniques and mechanical properties of LPBF-processed AM SS316L.