Recent technical improvements of additive manufacturing (AM) have shifted the application of these processes from prototyping to the production of end-use parts either as customised or series. Selective laser melting (SLM) holds a special place within the variety of AM processes due to the flexibility of materials being processed, and the capability to create functional components having mechanical properties comparable to those properties of bulk materials. The process, however, is characterized by high temperature gradients and densification ratio that in turn may have significant impact on the microstructure and properties of SLM parts. This article presents the state of the art in SLM and aims at understanding the SLM part and material properties specifications to form a picture of potential application of this process. The paper demonstrate that, although SLM can result in functional parts with controlled microstructure, there is still a long way to go in tuning the process parameters and building patterns in order to achieve the desirable grain structure and properties.