Additive manufacturing overcomes the limitations associated with conventional processes, such as fabricating complex parts, material wastage, and a number of sequential operations. Powder-bed additives fall under the category of additive manufacturing process, which, in recent years, has captured the attention of researchers and scientists working in various fields of science and engineering. Production of powder bed additive manufacturing (PBAM) parts with consistent and predictable properties of powders used during the manufacturing process plays an important role in deciding printed parts' reliability in aeronautical, automobile, biomedical, and healthcare applications. In the PBAM process, the most commonly used powders are polymer, metal, and ceramic, which cannot be effectively used without understanding powder particles' physical, mechanical, and chemical properties. Several metallic powders like titanium, steel, copper, aluminum, and nickel, several polymer polyamides (nylon), polylactide, polycarbonate, glass-filled nylon, epoxy resins, etc., and the most commonly used ceramic powders like aluminum oxide (Al2O) and zirconium oxide (ZrO2) can be utilized depending upon the method being adopted during PBAM process. Adoption of some post-processing techniques for powder, such as grain refinement can also be employed to improve the physical or mechanical properties of powders used for the PBAM process. In this paper, the effect of powder parameters, such as particle size, shape, density, and reusing of powder, etc., on printed parts have been reviewed in detail using characterization techniques such as X-ray computed tomography, scanning electron microscopy, and X-ray photoelectron spectroscopy. This helps to understand the effect of particle size, shape, density, virgin and reused powders, etc., used during the PBAM process. This article has reviewed the selection of appropriate process parameters like laser power, scanning speed, hatch spacing, and layer thickness and their effects on various mechanical or physical properties, such as tensile strength, hardness, and the effect of porosity, along with the microstructure evolution. One of the drawbacks of additive manufacturing is the variability in the quality of printed parts, which can be eliminated by monitoring the process using machine learning techniques. Also, the prediction of the best combination of process parameters using some advanced machine learning algorithms (MLA), like random forest, k nearest neighbors, and support vector machine, can be effectively utilized to quantify the performance parameters in the PBAM process. Thus, implementing machine learning in the additive manufacturing process not only helps to learn the fundamentals but helps to identify, predict and help to make actionable recommendations that help optimize printed parts quality. The performance of various MLAs has been evaluated and compared for projecting future research directions and suggestions. In the last part of this article, multidisciplinary applications of the PBAM process have been reviewed in detail. Additive manufacturing processes carried out by using conventional machines, called hybrid additive manufacturing, have also been reviewed by discussing their methods and arrangements in detail. Lastly this review contributes to the understanding of the PBAM process and is a valuable resource for potential patent applications related to additive manufacturing areas..