The super duplex stainless steel (SDSS) powder SAF2507 was deposited using directed energy deposition. In the as-built state, the microstructure consists of a nearly balanced ferrite–austenite ratio, with an austenite content of 47 vol.%, in contrast to the SDSS processed by the powder bed method, which produces a very low austenite content. This work investigated the differences in the microstructure, mechanical and corrosion properties of the “high-austenite” as-built state and the solution-annealed (SA) state (at 1100 °C for 60 min, followed by quenching in water). In the SA state, an increase in austenite content to 55 vol.% was observed. In addition, the partitioning of alloying elements into austenite and ferrite also occurred, the austenite grains coarsened and a ferrite grain size reduction was found. Microstructural changes were evident in the development of the mechanical properties. The increase in austenite content was accompanied by an increase in the elongation, and conversely, both the yield strength and ultimate tensile strength decreased. No secondary phases, such as carbides or sigma phase, were observed in either state. Both the as-built and solution-annealed samples exhibited a passivation zone in model seawater at 70 °C, but at the same time, the corrosion current density (icorr) of the as-built state was five times higher.