Laser powder bed fusion (LPBF) is an emerging additive manufacturing technique that is currently adopted by a number of industries for its ability to directly fabricate complex near-net-shaped components with minimal material wastage. Two major limitations of LPBF, however, are that the process inherently produces components containing some amount of porosity and that fabricated components tend to suffer from poor repeatability. While recent advances have allowed the porosity level to be reduced to a minimum, consistent porosity-free fabrication remains elusive. Therefore, it is important to understand how porosity affects mechanical properties in alloys fabricated this way in order to inform the safe design and application of components. To this aim, this article will review recent literature on the effects of porosity on tensile properties, fatigue life, impact and fracture toughness, creep response, and wear behavior. As the number of alloys that can be fabricated by this technology continues to grow, this overview will mainly focus on four alloys that are commonly fabricated by LPBF—Ti-6Al-4 V, Inconel 718, AISI 316L, and AlSi10Mg.