In the present study, the effect of homogenization and solution treatment times on the elevated-temperature (650 °C) mechanical properties and the fracture mechanisms of Inconel 718 (IN718) superalloy fabricated by laser powder bed fusion (LPBF) was investigated. Homogenization times between 1 and 7 h at 1080 °C were used, while solution treatments at 980 °C were performed in the range from 15 to 60 min. The as-printed condition showed the lowest strength but the highest elongation to failure at 650 °C, compared to the heat-treated conditions. After heat treatments, the strength of the IN718 alloy increased by 20.3–31% in relation to the as-printed condition, depending on the treatment time, whereas the ductility decreased significantly, by 67.4–80%. Among the heat treatment conditions, the 1 h homogenized conditions at 1080 °C (HSA1 and HSA2) exhibited the highest strength and ductility due to the combined effects of the precipitation hardening and sub-structural changes. Further increases in the homogenization time to 4 and 7 h led to a decrease in the strength and significant ductility loss of the LPBF IN718 due to the considerable annihilation of the dislocation tangles and a greater precipitation of coarse MC carbide particles. Furthermore, it was found that the solution treatment duration had a crucial influence on the mechanical properties at 650 °C due to the increase in the grain boundary strength through the pinning effect of the intergranular δ-phase. In addition, the fracture mechanism of the LPBF IN718 was found to be dependent on the heat treatment time. Finally, this investigation provides a map that summarizes the effect of homogenization and solution treatment times on the high-temperature mechanical behavior of LPBF IN718 by relating it to the corresponding microstructural evolution. This effort strives to assist in tailoring the mechanical properties of LPBF IN718 based on the design requirements for some specific applications.