The present research deals with producing complicated-shaped 15-5 precipitation-hardened (PH) stainless steel (SS) alloy structure using direct-metal-laser-sintering (DMLS) technique. Systematic microstructural characterization throughout the different planes and sections of the as-build (AB) structure reveals occurrence of non-uniform microstructures with nominal porosity distribution. The size and morphology of the microstructural features are noted to vary along the top and bottom sections of build direction. Such microstructural inhomogeneity is related to non-uniform heating and cooling rates associated during the manufacturing. Presence of trace amount of austenite phase is also noted in the as-build alloy. Post-build heat treatments, including solutionizing and two standard aging or precipitation treatments at 900 and 925 °F, are pursued next, termed as ST, H900 and H925, respectively. ST and H900 alloys reveal existence of homogenized microstructure and absence of austenite phase. This phase is noted to form again in H925 alloy due to diffusion of austenitic stabilizing elements, Cu and Ni, from martensite during the aging process. Presence of Nb-rich precipitates in the aged alloys is also confirmed. Potentiodynamic polarization tests reveal that H900 specimens exhibit highest corrosion resistance in comparison with the AB, ST and H925 conditions. It is due to the stress relaxation of the martensite and auto-passivation of the copper precipitates, formed during aging. Detailed mechanical characterization of as-build, solutionized and aged specimens exhibits interesting results. Hardness is noted to vary along the top and bottom sections of asbuild specimen, former being higher owing to finer grain size. Nevertheless, aging the alloy appears beneficial in enhancing hardness and strengths further, particularly owing to the presence of precipitates. It is apparent from the series of systematic investigations that optimal aging condition (H900) homogenizes microstructure, stabilizes the phase, and thereby leads to optimum combination of improved corrosion resistance, higher hardness, strength, ductility and toughness of DMLS-manufactured 15-5 PH SS alloy.