The metastable microstructure formed during laser powder bed fusion (LPBF) significantly influences recrystallization behavior, which is crucial for flexible control of microstructure. To investigate these effects, various IN738LC alloys were fabricated by adjusting the volume energy density (VED) and then subjected to the same hot isostatic pressing (HIP) treatment. The microstructures before and after heat treatment were systematically analyzed using multi-scales characterization methods. The results indicate that the recrystallization fraction in HIP-treated samples decreased from 75% to 24% as the VED increased from 53 J/mm3 to 125 J/mm3. This reduction is primarily attributed to the increased grain boundary migration hysteresis caused by the higher density and larger diameter of MC-type carbide particles (i.e., MC particles). Subsequently, these HIP-treated samples were further processed using standard heat treatment (SHT) to evaluate their tensile properties at 23 °C and 900 °C. At 23 °C, the sample with the lowest recrystallization fraction (VED = 125 J/mm3) exhibited the best combination of strength and ductility, with an ultimate tensile strength (UTS) of 1422 MPa, yield strength (YS) of 932 MPa, and elongation of 21%. At 900 °C, the sample with a medium recrystallization fraction (VED = 75 J/mm3) demonstrated the best combination of strength and ductility, with an UTS of 626 MPa, YS of 420 MPa, and elongation of 15.5%.