Additive manufacturing (AM) represents the present and the future of manufacturing production, thanks to a new design paradigm that allows the customization of components based on the needs of the final application, all framed in a perspective of sustainable and on-demand production. It has become an increasingly popular method for manufacturing complex and custom parts, especially those made from metallic materials, such as AISI 316L. AISI 316L is a type of austenitic steel widely used in industries such as aerospace, medical, automotive, and marine due to its excellent corrosion resistance and high strength. Thanks to its physico-chemical properties, AISI 316L stainless steel is one of the most used metals for AM. In this paper, a critical review of printing technologies, microstructural defects, mechanical properties, as well as industrial applications of AISI 316L are presented based on the state of the art. Furthermore, the main challenges with AM AISI 316L techniques are discussed, such as the influence of printing parameters, surface quality, and other common problems identified in the literature. Overall, this paper provides a comprehensive overview of AISI 316L AM techniques, challenges, and future research directions.