The microstructure and mechanical properties of Al-20Si produced by selective laser melting (SLM) are investigated for different heat treatment conditions. As a result of the high cooling rate during processing, the as-built SLM material displays a microstructure consisting of a supersaturated Al(Si) solid solution along with heavily refined eutectic Si and Si particles. The Si particles become coarser, and the eutectic Si gradually changes its morphology from fibrous to plate-like shape with increasing annealing temperature. The microstructural variations occurring during heat treatment significantly affect the mechanical behavior of the samples. The yield and ultimate strengths decrease from 374 and 506 MPa for the as-built SLM material to 162 and 252 MPa for the sample annealed at 673 K, whereas the ductility increases from 1.6 to 8.7%. This offers the possibility to tune microstructure and corresponding properties of the Al-20Si SLM parts to meet specific requirements.