In the present work, the evolution of the microstructure in additively manufactured 17-4PH stainless steel, which was subjected to laser surface alloying with amorphous boron and nitrogen at the varying process parameters, was studied. The main aim was to improve surface hardness and hence potential wear resistance of the steel. Scanning electron microscopy, wavelength-dispersive X-ray spectroscopy (WDS), and Auger electron spectroscopy (AES) were used. It was shown that the final microstructure developed in the laser-melted zone (LMZ) is dependent on a variety of processing parameters (1 and 1.5 mm laser beam spot diameters; 200, 400, and 600 mm/min laser scan speeds), which primarily influence the morphology and orientation of the eutectic dendrites in the LMZ. It was metallographically proven that a fully eutectic microstructure, except for one sample containing 60 ± 4.2% of the eutectic, was revealed in the LMZ in the studied samples. The results of WDS and AES also confirmed alloying the LMZ with nitrogen. The formation of the boron eutectic and the supersaturation of the α-iron solid solution with boron and nitrogen (as a part of the eutectic mixture) led to enhanced microhardness, which was significantly higher compared with that of the heat-treated substrate (545.8 ± 12.59–804.7 ± 19.4 vs. 276.8 ± 10.1–312.7 ± 11.7 HV0.1).