The addition of WC particles has the potential to improve the properties of 18Ni300 alloy, but the effect of heat treatment on the microstructure and mechanical properties of 18Ni300 matrix composites needs to be further investigated. In this work, WC-reinforced 18Ni300 composites were fabricated using laser powder bed fusion (LPBF). The composites were made into solutions at 846 °C for 51 min, followed by aging at 388 °C for 300 min. The microstructural evolution and compressive properties of the composites before and after heat treatment were systematically studied. The results indicate that the microstructures of the composites consist of heterogeneous cellular and fine columnar grains. As the WC content increases, the primary phase in the LPBF-formed samples gradually shifts from α-Fe martensite to γ-Fe austenite. After heat treatment, the primary phase transforms to α-Fe with only a small residual amount of γ-Fe. The microstructure becomes more uniform, featuring a significant reduction in grain size. Many precipitated phases can be found in the intergranular, accompanied by an increase in the thickness of diffusion layers. The WC content in the composite material is positively correlated with its hardness and compressive strength. As the WC reinforcement content increases from 5% to 20%, the yield strength and compressive strength of the LPBF-formed composites increase to 1042.5 MPa and 2900.7 MPa, respectively, while the compressive elongation decreases from 64% to 43%. After heat treatment, the yield strength of the composites significantly increases to 2356.8 MPa, with a slight increase in the compressive strength to 2939.7 MPa. However, the elongation decreases from 32.5% to 22%.