The ever-growing interest in additive manufacturing (AM) is evidenced by its extensive utilisation to manufacture a broad spectrum of products across a range of industries such as defence, medical, aerospace, automotive, and electronics. Today, most laser-based AM is carried out by employing continuous-wave (CW) and long-pulsed lasers. The CW and long-pulsed lasers have the downside in that the thermal energy imparted by the laser diffuses around the irradiated spot and often leads to the creation of heat-affected zones (HAZs). Heat-affected zones may degrade the material strength by producing micro-cracks, porous structures and residual stresses. To address these issues, currently, attempts are being made to employ ultrafast laser sources, such as femtosecond (fs) lasers, in AM processes. Femtosecond lasers with pulse durations in the order of 10−15 s limit the destructive laser–material interaction and, thus, minimise the probability of the HAZs. This review summarises the current advancements in the field of femtosecond laser-based AM of metals and alloys. It also reports on the comparison of CW laser, nanosecond (ns)/picosecond (ps) lasers with fs laser-based AM in the context of heat-affected zones, substrate damage, microstructural changes and thermomechanical properties. To shed light on the principal mechanisms ruling the manufacturing processes, numerical predictions are discussed and compared with the experimental results. To the best of the authors’ knowledge, this review is the first of its kind to encompass the current status, challenges and opportunities of employing fs lasers in additive manufacturing.