Additive manufacturing (AM) is getting significant attention in realizing customizable nitinol (NiTi) devices for biomedical applications. However, due to the change in composition and constituent phases occurring during printing and the microstructural inhomogeneity in the printed parts, obtaining a desired set of phase transformation behaviors and superelastic properties is a major challenge. In this work, laser powder bed fusion (LPBF) was used to fabricate NiTi at a very low laser energy density (35 J/mm3) on a titanium base plate while keeping these behaviors and properties within desirable ranges without any structural defects such as crack and delamination. Our measurements showed that the as-printed NiTi exhibited distinct one-step phase transformation with the austenite finish (Af) temperature of 2.1 °C. To increase the Af temperature to 30.2 °C (within the recommended range of Af temperature for biomedical applications), a heat treatment protocol was developed, which includes a solution cycle (at 900 °C for 1 h) followed by an aging cycle (at 450 °C for 30 min). The heat treatment protocol enabled us to attain the homogenized microstructure while creating ultrafine metastable Ni-rich precipitate, Ni4Ti3, which facilitated the desirable phase transformation behavior with the increased Af temperature. The heat-treated sample showed narrower and sharper two-step martensitic phase transformation with the formation of intermediate R-phase. The presence of both Ni4Ti3 and the R-phase was confirmed by the transmission electron microscopic (TEM) analysis. In the superelasticity test at the body temperature, these samples, starting from the 2nd cycle, demonstrated a recovery ratio of more than 90% and a recoverable strain of more than 6.5%. After 10th cycles, the stable recoverable strain was 6.52% with a recovery ratio of 96%, which is the highest superelasticity reported for the LPBF processed NiTi to the best of our knowledge. After the initial deformation process, we expect these NiTi samples to attain near full superelasticity during service. The micro-hardness study also showed that the hardness of the heat-treated samples is less affected by the cyclic loading. Therefore, this paper presents a viable heat treatment protocol, which provides an important processing roadmap in making NiTi implants by AM while maintaining excellent functional properties of NiTi for biomedical applications.