Austenitic 316L stainless steel (SS316L) has been a material widely fabricated by laser powder bed fusion (LPBF) process. However, as a single‐phase alloy, after LPBF, it remains unclear whether post‐processing heat treatment is necessary to further improve the mechanical performance and corrosion resistance. To clarify this uncertainty, the as‐LPBF‐fabricated 316L samples are annealed at different temperatures of 923, 1123, and 1273 K for a duration of 2 h followed by oil cooling. It is found that post‐processing heat treatment has very marginal influence on property anisotropy but reduces yield strength and tensile strength due to the disappearance of the cellular network within the grains, and it significantly enhances the tensile elongation to failure of the steel both along and normal to the LPBF build direction. In addition, the precipitations, such as nanoscale MnS and self‐diffusion of Mo at grain boundaries, increase the susceptibility to localized corrosion of the heat‐treated (HT) samples as compared to the as‐LPBF‐fabricated samples. However, the corrosion resistance of the HT specimens is still comparable to the wrought SS316L counterpart. Microstructural analysis indicates that the post‐heat‐treatment does not cause any phase transformation.