A laser powder bed fusion (LPBF) Inconel 718 (IN718) alloy was fabricated under different process parameters, and the samples with optimal process parameters were treated by subsequent heat treatment. The outcomes demonstrated that the pores’ size and shape were influenced by the process parameters. The porosity of the samples first grew and subsequently reduced as the volume energy density increased, and the types of pores changed from lack-of-fusion pores to gas holes and keyhole pores. The porosity of the samples with three process parameters were 3.46%, 0.15% and 1.26%, respectively. The sample of 60.0 J/mm3 was chosen for a single solution (heat treatment at 980 °C for 1 h, SS) and direct aging (heat treatment at 720 °C for 8 h and then 620 °C for 8 h, DA), and the microstructure evolution of the samples was examined. Because of the segregation of the elements Nb and Mo, the Laves phase was distributed among the dendrites in the as-built (AB) sample. The solution heat treatment dissolved the Laves phase and precipitated the δ phase, while aging heat treatment precipitated the γ′/γ” phases. Additionally, the impact of the second phase on the tensile characteristics was looked into. The DA sample had the highest strength, with a tensile strength of 1458 MPa and a yield strength of 1271 MPa. With tensile and yield strengths of 980 MPa and 620 MPa, respectively, the AB sample had the lowest strength due to the Laves phase’s role as the crack initiator. The Laves phase dissolved and the γ′/γ”-strengthened phase precipitated, leading to an increase in the strength of the heat-treated specimens.