Selective laser melted (SLM) 316L stainless steel (SS) has been widely employed in the fields of designing and manufacturing components with complex shapes and sizes. However, the low yield strength, low ultimate tensile stress, and low hardness of SLM 316L SS components hinder its further application. In this work, the strengthening grinding process (SGP) was used to enhance the mechanical properties of SLM 316L SS. The microhardness, residual stress, microstructure, and tensile properties of all the samples were analyzed. The results demonstrate that the SGP induced higher compressive residual stress and microhardness, as well as higher tensile properties. The maximum hardness and residual stress reached 354.5 HV and −446 MPa, respectively, indicating that the SGP resulted in a plastic deformation layer over 150 μm. The possible mechanisms have been discussed in further detail. Compared to the untreated sample, the SGP sample shows a significant improvement in yield strength (YS), ultimate tensile stress (UTS), and elongation (EL), increasing 30%, 25.5%, and 99.1%, respectively. This work demonstrates that SGP treatment could be an efficient approach to simultaneously improving the strength and ductility of the SLM 316L SS, which makes it more suitable for engineering applications.