Metal 3D printing involves fabrication of complex parts with better functionalities for various engineering applications. Excellent strength, biocompatibility, corrosion resistance, and ease of availability of 316 L stainless steel have made it one of the ideal materials in the field of biomaterials. The present study focuses on laser-directed energy deposition (LDED)-based 3D printing of 316L stainless steel wires and their characterization. LDED was carried out at laser scan speed of 7.50 mm/s. Microstructural analysis shows the presence of both fine and columnar grains with an average microhardness of 224 HV (vickers microhardness). X-ray diffraction reveals major phase of austenite. Electrochemical behavior against the corrosion of the samples was studied using Hanks’ balanced salt solution (HBSS). The corrosion potential was found to be similar to that of conventional cast or wrought stainless steel. The present study overlays a methodology toward the successful deployment of the LDED process for the potential fabrication of 316L stainless steel components.