The influence of annealing at various temperatures on the phase stability and microstructure of pulsed-wave laser mode (PW) 316L stainless steel fabricated via Directed Energy Deposition (DED) was systematically investigated. The microstructural alterations resulting from heat treatment were examined to clarify their influence on the mechanical properties of the specimens subjected to tensile loading. The results showed that cell size increased with annealing temperature, with the cellular microstructure disappearing at higher temperatures (T ≥ 1000 °C). A decrease in the mechanical strength of the specimens was observed as annealing temperature increased. Additionally, the influence of different laser pulse frequencies and duty cycles on residual stresses was examined, revealing that moderate laser frequencies and duty cycles effectively reduced residual stress levels.