This study aimed to identify an optimal heat-treatment parameter set for an additively manufactured AlSi10Mg alloy in terms of increasing the hardness and eliminating the anisotropic microstructural characteristics of the alloy in as-built condition. Furthermore, the influence of these optimized parameters on the fatigue properties of the alloy was investigated. In this respect, microstructural characteristics of an AlSi10Mg alloy manufactured by laser-based powder bed fusion in non-heat-treated and heat-treated conditions were investigated. Their static and dynamic mechanical properties were evaluated, and fatigue behavior was explained by a detailed examination of fracture surfaces. The majority of the microstructure in the non-heat-treated condition was composed of columnar grains oriented parallel to the build direction. Further analysis revealed a high fraction of pro-eutectic α-Al. Through heat treatment, the alloy was successfully brought to its peak-hardened condition, while eliminating the anisotropic microstructural features. Yield strength and ductility increased simultaneously after heat treatment, which is due to the relief of residual stresses, preservation of refined grains, and introduction of precipitation strengthening. The fatigue strength, calculated at 10⁷ cycles, improved as well after heat treatment, and finally, detailed fractography revealed that a more ductile fracture mechanism occurred in the heat-treated condition compared to the non-heat-treated condition.