The current study has investigated the mechanical properties and microstructure of the DMLS processed 316L experimentally by varying process parameters and solution annealing as a post-processing technique. The feedstock material characteristics, laser power input, layer thickness, scanning velocity, hatch spacing, and building direction are important factors to consider. The modified microstructure not only affects mechanical performance and corrosion resistance but also alters the specimens properties. An analysis of the powder feedstock and density measurement has been conducted. The samples were subjected to tensile testing, hardness testing, and microstructural analysis. According to the Taguchi analysis findings, the most significant parameter affecting product quality was layer thickness. The observation of grain boundary precipitation in a few samples could be reversed through solution annealing. The results of this study will assist in determining the optimal process parameters for achieving the desired mechanical properties.