Laser powder bed fusion (L-PBF) is an additive manufacturing technology that is gaining increasing interest in aerospace, automotive and biomedical applications due to the possibility of processing lightweight alloys such as AlSi10Mg and Ti6Al4V. Both these alloys have microstructures and mechanical properties that are strictly related to the type of heat treatment applied after the L-PBF process. The present review aimed to summarize the state of the art in terms of the microstructural morphology and consequent mechanical performance of these materials after different heat treatments. While optimization of the post-process heat treatment is key to obtaining excellent mechanical properties, the first requirement is to manufacture high quality and fully dense samples. Therefore, effects induced by the L-PBF process parameters and build platform temperatures were also summarized. In addition, effects induced by stress relief, annealing, solution, artificial and direct aging, hot isostatic pressing, and mixed heat treatments were reviewed for AlSi10Mg and Ti6AlV samples, highlighting variations in microstructure and corrosion resistance and consequent fracture mechanisms.