Soft magnetic Fe-Al alloys have been a subject of research in the past. However, they never saw the same reception in technical applications as the Fe-Si or Fe-Ni alloys, which is, to some extent, due to a low ductility level and difficulties in manufacturing. Additive manufacturing (AM) technology could be a way to avoid issues in conventional manufacturing and produce soft magnetic components from these alloys, as has already been shown with similarly brittle Fe-Si alloys. While AM has already been applied to certain Fe-Al alloys, no magnetic properties of AM Fe-Al alloys have been reported in the literature so far. Therefore, in this work, a Fe-12Al alloy was additively manufactured through laser powder bed fusion (L-PBF) and characterized regarding its microstructure and magnetic properties. A comparison was made with the materials produced by casting and rolling, prepared from melts with an identical chemical composition. In order to improve the magnetic properties, a heat treatment at a higher temperature (1300 °C) than typically applied for conventionally manufactured materials (850–1150 °C) is proposed for the AM material. The specially heat-treated AM material reached values (HC: 11.3 A/m; µmax: 13.1 × 103) that were close to the heat-treated cast material (HC: 12.4 A/m; µmax: 20.3 × 103). While the DC magnetic values of hot- and cold-rolled materials (HC: 3.2 to 4.1 A/m; µmax: 36.6 to 40.4 × 103) were not met, the AM material actually showed fewer losses than the rolled material under AC conditions. One explanation for this effect can be domain refinement effects. This study shows that it is possible to additively manufacture Fe-Al alloys with good soft magnetic behavior. With optimized manufacturing and post-processing, further improvements of the magnetic properties of AM L-PBF Fe-12Al may still be possible.