Process parameters optimization in additive manufacturing (AM) is usually required to unlock superior properties, and this is often facilitated by modeling. In electron beam powder bed fusion (E-PBF), the preheat temperature is an important parameter to be optimized as it significantly influences the microstructure and properties. Here we compare the effect of two preheat temperatures (1000 and 950°C, above and below δ-phase solvus temperature) on the microstructural evolution of E-PBF IN718 Ni-based superalloy. Using thermal and thermo-kinetic modeling, we predict microstructural changes and compare them with experimental findings. A decrease of only 50°C in the preheat temperature has a low impact on the solidification microstructure with a slight reduction in columnar grain width. In the solid-state, higher preheating causes intergranular δ-phase precipitation, contributing to a higher γ" precipitation potential, formation of co-precipitates, and higher hardness. The lower preheat temperature induces intergranular and intragranular δ-phase precipitation, reducing the γ" precipitation potential and hardness. The chemical composition of γ' and γ" is largely unaffected by the preheat temperature variation. These insights underscore the importance of preheat temperature optimization in microstructure design and property control during E-PBF.