Process parameters (laser power and scanning speed) for H13 steel specimens produced by selective laser melting (SLM) are optimized, and microstructural characteristics and mechanical properties are investigated. The optimum process parameters are a laser power of 170 W and a scanning speed of 400 mm/s according to the maximum relative density of 99.2%. The microstructure consists of cellular grains and columnar crystal, which are composed of lath martensite and retained austenite, and there are no carbides or other second-phase particles present. The size of cellular grains is 1 μm. Compared with the common processed (forged and heat-treated) H13, SLM H13 has similar microhardness (561 HV) and tensile strength (1909 MPa) values. However, the elongation (12.4%) is a factor of ∼3 times higher and the impact energy (14.4 J) of the SLM specimen is somewhat lower. The relationship between the microstructure and mechanical properties is discussed. Fine grains and no second-phase precipitation determine the strength and plasticity of SLM samples.