A ferrite-austenite 12CrNi2 alloy steel additively manufactured by laser melting deposition (LMD) was heat treated by direct quenching (DQ) and tempering inter-critical quenching (TIQ) at 800 °C for enhancing its strength-ductility balance. Both heat-treated alloy steels have the martensite-ferrite dual-phase (DP) microstructures. The volume fractions of martensite in the two treated alloy steels are nearly similar (~ 85 vol%), while the sizes of the prior austenitic grain for martensite are different. The martensite-dominated DP microstructure resulted in an obvious improvement in strength-ductility balance of the alloy steel. Compared with the DQ treatment, the multi-step TIQ treatment caused the strength-ductility balance of the alloy steel to be enhanced due to its higher total elongation. The better ductility of the TIQ-treated alloy steel can be attributed to the optimization of the microstructure. The preferred orientation of ferritic grain in the as-deposited alloy steel which was adverse to plastic deformation through dislocation slip was eliminated via the multi-step TIQ treatment. Moreover, the TIQ treatment promoted the formation of finer-grained martensite with larger areas of grain boundaries and twinning boundaries which resulted in the enhancement of the coordinated deformability of the martensite with the ferrite.