This article provides an insightful review of the recent applications of machine learning (ML) techniques in additive manufacturing (AM) for the prediction and amelioration of mechanical properties, as well as the analysis and prediction of microstructures. AM is the modern digital manufacturing technique adopted in various industrial sectors because of its salient features, such as the fabrication of geometrically complex and customized parts, the fabrication of parts with unique properties and microstructures, and the fabrication of hard-to-manufacture materials. The functioning of the AM processes is complicated. Several factors, such as process parameters, defects, cooling rates, thermal histories, and machine stability, have a prominent impact on AM products' properties and microstructure. To establish the relationship between these AM factors and the end product properties and microstructure is difficult. Several studies have utilized different ML techniques to optimize AM processes and predict mechanical properties and microstructure. This paper discusses the applications of various ML techniques in AM to predict mechanical properties and optimization of AM processes for the amelioration of mechanical properties of end parts. Also, ML applications for segmentation, prediction, and analysis of AM fabricated material's microstructures and acceleration of microstructure prediction procedures are discussed in this paper.