Medium manganese steels can exhibit both high strength and ductility due to transformation-induced plasticity (TRIP), caused by metastable retained austenite, which in turn can be adjusted by intercritical annealing. This study addresses the laser additive processability and mechanical properties of the third-generation advanced high strength steels (AHSS) on the basis of medium manganese steel using Laser Powder Bed Fusion (LPBF). For the investigations, an alloy with a manganese concentration of 5 wt.% was gas atomized and processed by LPBF. Intercritical annealing was subsequently performed at different temperatures (630 and 770 °C) and three annealing times (3, 10 and 60 min) to adjust the stability of the retained austenite. Higher annealing temperatures lead to lower yield strength but an increase in tensile strength due to a stronger work-hardening. The maximum elongation at fracture was approximately in the middle of the examined temperature field. The microstructure and properties of the alloy were further investigated by scanning electron microscopy (SEM), hardness measurements, X-ray diffraction (XRD), electron backscatter diffraction (EBSD) and element mapping.