In this work, two Ni-based superalloys with 13 wt.% and 35 wt.% Co were prepared via selective laser melting (SLM), and the effects of Co on the microstructure and mechanical properties of the additively manufactured superalloys were investigated. As the Co fraction increased from 13 wt.% to 35 wt.%, the average grain size decreased from 25.69 μm to 17.57 μm, and the size of the nano-phases significantly increased from 80.54 nm to 230 nm. Moreover, the morphology of the γ′ phase changed from that of a cuboid to a sphere, since Co decreased the γ/γ′ lattice mismatch from 0.64% to 0.19%. At room temperature, the yield strength and ultimate tensile strength of the 13Co alloy reached 1379 MPa and 1487.34 MPa, and those of the 35Co alloy were reduced to 1231 MPa and 1350 MPa, while the elongation increased by 52%. The theoretical calculation indicated that the precipitation strengthening derived from the γ′ precipitates made the greatest contribution to the strength.