Additive manufacturing (AM) is a transformative technology that has rapidly grown over the past decade. AM processes build parts layer by layer and have found applications in the aerospace, biomedical, and automotive fields. The technology holds particular promise for the aerospace industry due to the reduced process time, weight savings of parts, and opportunities for new material development. Herein, a review of laser-based AM processes, existing AM systems, and aerospace parts being fabricated is presented. It further explores the material properties and microstructure of printed samples with both powder bed fusion and direct energy deposition processes. The benefits and challenges associated with the widespread use of the technology are discussed with emphases on the aerospace sector. Finally, the steps required for parts produced by AM processes to become certified for use in aerospace applications are presented.