Fabricating an Inconel 718 superalloy using electromagnetic stirring assisted laser solid forming (EMS-LSF) is a novel method to modify its microstructure and mechanical properties by consuming the Nb element in the γ phase to alleviate interdendritic segregation. The precipitate of the δ phase at 950 °C after EMS-LSF can help to achieve the uniform diffusion of Nb, and can also improve its mechanical properties. The precipitation behavior of the δ phase in an EMS-LSF Inconel 718 superalloy with different heat treatment processes has been investigated. The results show that the morphology of the δ phase changes from rod-like to a long-needle shape and tends to grow from the inter dendrite to the core dendrite with electromagnetic field intensity increasing, which is accompanied by the “cutting” and “dissolution” of the Laves phase. Through precipitation kinetics analysis, the precipitation rate of the δ phase is seen to increase with the electromagnetic field intensity increasing. Under a combination of electromagnetic stirring and laser solid forming, the microhardness of the Inconel 718 samples increased slightly due to the fact that a higher content of Nb was distributed in the core dendrite resulting from the serious convection of liquid metal, which can strengthen the matrix.