Thin-walled structures are a significant and growing portion of engineering construction, with a wide range of applications, including storage vessels, industrial buildings, warehouses, aircraft, automobiles, bridges, ships, and oil rigs. Thin-walled components with minimum thickness without compromising strength and other quality characteristics are the desire of modern industry. Reducing wall thickness not only aids in lowering the cost of production. It also improves the effectiveness of engineering systems, resulting in lower fuel consumption and lower emissions of hazardous gases to the environment. Nowadays, even though thin-walled parts are demanded, the constraints of the production process, quality, and reliability are the concerns of current research and development. The ability to produce parts with intricate geometries and tight dimensional tolerances are important criteria for advanced manufacturing processes. In the early days of society, investment casting was used to produce jewelry, weapons, and statues. In modern industry, investment casting is still used to produce thin-walled and intricate parts such as turbine blades. The current advancements in SLM, which has the capacity to produce thin-walled and intricate parts, have recently attracted attention due to several benefits, such as the supreme degree of design freedom and the viability of tool-free production directly from CAD data. However, the current technological applications of SLM and investment casting are crucial for producing parts at the desired quality and reliability. This review article focuses on comparative studies of SLM and investment casting at the current technology level. The basis of comparison via systematic approach is mechanical characterization; quality in terms of porosity, microstructure, surface roughness and dimensional accuracy; and residual stress. Therefore, the latest open scientific sources published are considered to obtain sufficient literature coverage. Better tensile strength and fine microstructure are found in SLM, while better surface quality, fatigue load resistance, ductility, and residual stress are found in investment casting. The research gap for further investigation is indicated.