Selective electron beam melting (SEBM) belongs to the additive manufacturing technologies which are believed to revolutionise future industrial production. Starting from computer-aided designed data, components are built layer by layer within a powder bed by selectively melting the powder with a high power electron beam. In contrast to selective laser melting (SLM), which can be used for metals, polymers and ceramics, the application field of the electron beam is restricted to metallic components since electric conductivity is required. On the other hand, the electron beam works under vacuum conditions, can be moved at extremely high velocities and a high beam power is available. These features make SEBM especially interesting for the processing of high-performance alloys. The present review describes SEBM with special focus on the relationship between process characteristics, material consolidation and the resulting materials and component properties.