Problems with the laser additive manufacturing of metal parts related to its low efficiency are known to hamper its development and application. The method of selective laser melting of metallic powders can be improved by the installation of an additional laser beam modulator. This allows one to control the power density distribution optically in the laser beam, which can influence the character of heat and mass transfer in a molten pool during processing. The modulator contributes alternative modes of laser beam: Gaussian, flat top (top hat), and donut (bagel). The study of its influence includes a mathematical description and theoretical characterization of the modes, high-speed video monitoring and optical diagnostics, characterization of processing and the physical phenomena of selective laser melting, geometric characterization of single tracks, optical microscopy, and a discussion of the obtained dependences of the main selective laser melting (SLM) parameters and the field of its optimization. The single tracks were produced using the advanced technique of porosity lowering. The parameters of the obtained samples are presented in the form of 3D graphs. The further outlook and advanced applications are discussed.