The application of Ti-6Al-4V alloy or commercially pure titanium for additive manufacturing enables the fabrication of complex structural implants and patient-specific implant geometries. However, the difference in Young’s modulus of α + β-phase Ti alloys compared to the human bone promotes stress-shielding effects in the implant–bone interphase. The aim of the present study is the mechanical characterization of a new pre-alloyed β-phase Ti-42Nb alloy for application in additive manufacturing. The present investigation focuses on the mechanical properties of SLM-printed Ti-42Nb alloy in tensile and compression tests. In addition, the raw Ti-42Nb powder, the microstructure of the specimens prior to and after compression tests, as well as the fracture occurring in tensile tests are characterized by means of the SEM/EDX analysis. The Ti-42Nb raw powder exhibits a dendrite-like Ti-structure, which is melted layer-by-layer into a microstructure with a very homogeneous distribution of Nb and Ti during the SLM process. Tensile tests display Young’s modulus of 60.51 ± 3.92 GPa and an ultimate tensile strength of 683.17 ± 16.67 MPa, whereas, under a compressive load, a compressive strength of 1330.74 ± 53.45 MPa is observed. The combination of high mechanical strength and low elastic modulus makes Ti-42Nb an interesting material for orthopedic and dental implants. The spherical shape of the pre-alloyed material additionally allows for application in metal 3D printing, enabling the fabrication of patient-specific structural implants.