Additive Manufacturing (AM) has revolutionized the production industry by offering design freedom with shorter lead times and reduced material wastage. However, the damage tolerance (DT) of AM parts is a significant concern due to their microstructural and geometric complexities, which affect their mechanical performance. This article aims to provide a comprehensive overview of the manufacturing parameters affecting the components produced by AM specifically selective laser melting (SLM). Detailed discussions are presented on the effects of manufacturing attributes on the microstructure, defects, and mechanical characteristics of AM parts. Depending on these aspects, basic concepts are studied and critically explained specifically for AM materials. The basic criterion for damage‐tolerant component design, the criterion for fatigue and fracture properties, and the effect of the defects on fatigue life are critically presented. In addition, the effect of different types of gradation on the crack growth behavior of samples processed by SLM is also investigated in depth. There is currently a lack of a specific review study in the literature that establishes a connection between process attributes and metallographic properties, and their impact on the damage behavior of additively manufactured parts. This gap in research highlights the need for a comprehensive review to bridge this knowledge deficit and provide valuable insights for understanding the relationships between manufacturing processes, material characteristics, and the structural integrity of additively manufactured components. This review concludes by addressing the challenges and opportunities in designing and qualifying AM parts for damage tolerance.