Products made from additive manufacturing processes have attracted great attention in engineering, health care, and society at large. However, there is little knowledge about the failure of additively manufactured alloys, in particular, corrosion and wear seen in most engineering applications. The haphazard and inefficient usage of such alloys raised concerns about safety, compatibility, reliability, cost, and consumer satisfaction. To address those concerns, we studied the mechanisms of the most common failure modes, corrosion and wear, of alloys fabricated through additive manufacturing based on published literature. It was found that the processing conditions have profound influence on microstructure and thus corrosion and wear resistance of alloys. Because of the layered structure, the initiation and growth of both corrosion and wear exhibited anisotropic behavior. The insights from this review could be used as a reference of the state-of-the art and to help in the development of future additively manufactured alloys with improved corrosion and wear properties.