In the selective laser melting (SLM) additive manufacturing process of Inconel 718, the emergence of Laves and δ precipitate phases in the γ matrix during or after heat treatment is a critical consideration. This study comprehensively assesses the microstructures and mechanical properties of Inconel 718 alloy produced through SLM under varied conditions: as-built (AB), homogenization + solution + aging (HSA), homogenization + aging (HA), and solution + aging (SA). Additionally, the impact of building orientation, whether horizontal (H) or vertical (V), is investigated. The AB specimens oriented horizontally display a columnar melt pool structure, with dimensions roughly between 300 and 400 μm. In contrast, the AB specimens aligned vertically show an elongated river-like structure of melt pools, with their sizes approximately at 250 μm. From the detailed microstructural analysis, the findings reveal that the as-built specimens lack γ′ and γ″ precipitates in their microstructure. Conversely, in heat-treated specimens, both the γ′ and γ″ phases are evident. Notably, Inconel 718 alloy specimens subjected to SLM fabrication and SA heat treatment demonstrate optimal mechanical performance. Notably, SA exhibits an average hardness of 476 HV for the horizontal specimen, which is 51.1% higher than that of AB specimens. The morphology and distribution of the δ phase in the γ matrix emerge as decisive factors influencing high-temperature performance. In SA specimens, the dissolution of brittle Laves phases occurs, and the presence of the δ phase at the grain boundary imparts superior properties during high-temperature tensile testing, including excellent yield and ultimate tensile strength. The presence of the granular-δ phase in the SA specimens resulted in a tensile strength of 1422 MPa and a yield strength of 1236 MPa, which are the highest values among all the specimens. SA has a tensile strength of 1120 MPa and a yield strength of 974 MPa at 650 °C.