Additive manufacturing (AM) is one of the recently studied research areas, due to its ability to eliminate different subtractive manufacturing limitations, such as difficultly in fabricating complex parts, material wastage, and numbers of sequential operations. Laser-powder bed fusion (L-PBF) AM for SS316L is known for complex part production due to layer-by-layer deposition and is extensively used in the aerospace, automobile, and medical sectors. The process parameter selection is crucial for deciding the overall quality of the SS316L build component with L-PBF AM. This review critically elaborates the effect of various input parameters, i.e., laser power, scanning speed, hatch spacing, and layer thickness, on various mechanical properties of AM SS316L, such as tensile strength, hardness, and the effect of porosity, along with the microstructure evolution. The effect of other AM parameters, such as the build orientation, pre-heating temperature, and particle size, on the build properties is also discussed. The scope of this review also concerns the challenges in practical applications of AM SS316L. Hence, the residual stress formation, their influence on the mechanical properties and corrosion behavior of the AM build part for bio implant application is also considered. This review involves a detailed comparison of properties achievable with different AM techniques and various post-processing techniques, such as heat treatment and grain refinement effects on properties. This review would help in selecting suitable process parameters for various human body implants and many different applications. This study would also help to better understand the effect of each process parameter of PBF-AM on the SS316L build part quality.