Deep cryogenic aging (DCA) is a newly developed heat treatment technique for additive-manufactured metallic materials to reduce residual stress and improve their mechanical properties. In this study, AlSi10Mg alloy samples fabricated by selective laser melting were deep-cryogenic-treated at −160 °C and subsequently aged at 160 °C. Phase and microstructural analyses were conducted using X-ray diffraction, optical microscopy, scanning electron microscopy, and transmission electron microscopy, while the mechanical properties were evaluated through microhardness and tensile testing at room temperature. The results indicated that the DCA treatment did not have an effect on the morphology of the melt pools. However, it facilitated the formation of atomic clusters and nanoscale Si and β′ phases, as well as accelerating the coarsening of grains and the ripening of the eutectic Si phase. After DCA treatment, the mass fraction of the Si phase experienced an increase from 4.4% to 7.2%. Concurrently, the volume fraction of the precipitated secondary phases elevated to 5.1%. The microhardness was enhanced to 147 HV, and the ultimate tensile strength and yield strength achieved 495 MPa and 345 MPa, respectively, with an elongation of 7.5%. In comparison to the as-built specimen, the microhardness, ultimate tensile strength, and yield strength increased by 11.4%, 3.1%, and 19.0%, respectively. The improvement in mechanical properties is primarily attributed to the Orowan strengthening mechanism induced by the secondary phases.