Aluminium-based metal matrix composites reinforced with Graphene (Gr) and its derivatives have been reported as promising composites due to their superior properties such as strength, damage tolerance, fatigue resistance, and density. However, the crack and porosity susceptibility of Aluminium 2024 Alloy (AA2024) with added Gr when fabricated using additive manufacturing techniques is not sufficiently well understood. The present work addresses this knowledge gap by focusing on the effect of Graphene Nanoplatelets (GNPs) and scanning speed on the AA2024 composites’ wear performance, microstructural and mechanical properties of fabricated specimens using Laser Powder Bed Fusion (LPBF). The experimental findings demonstrate that the Gr presence in the composite up to 0.5% improves its crystallite size and microhardness by up to 37.6% and 45%, respectively; however, it increases the porosity and crack formation due to the high laser power requirement. Moreover, the composites’ macroscale scratch and nanoscale wear performances showed improvements by up to 50% and 56% with higher Gr concentration (0.5%), suggesting that Gr is distributed uniformly in the structure. The improved understanding of the relationship between microstructure and mechanical characteristics of the GNPs/Al2024 composites fabricated using LPBF in terms of cracking and porosity formation is another significant contribution of this work.