The effect of laser shock peening (LSP) on as-cast and three-dimensional (3D)-printed SS316L alloys was studied. The LSP process was found more dominant than the 3D-printing technique over as-cast alloy steel for enhancing the properties. The process of laser shock peening results in microlevel changes in the structure of the material. This, in turn, leads to grain refinement and the increase of compressive residual stresses. After LSP treatment, the surface microhardness value increased by 33% in both as-cast and 3D-printed SS316L alloys with the hardness gradient from surface to subsurfaces. The wear rate of as-cast specimens and 3D-printed specimens were reduced to 1.28 10−6 and 1.14 10−6 g/m, respectively, and tensile value increased up to 22% after LSP treatment. The scanning electron microscopy images on the wear track confirm the vulnerability of the untreated SS316L alloys with adhesion wear and surface delamination. This difference was because the wear rate of the 3D-printed specimens was lesser than the as-cast SS316L alloys due to their layer-by-layer high-temperature finishing. The samples were characterized by optical microstructure to identify the surface refinement, and confirmed by the transmission electron microscope images along with specified area electron diffraction pattern for the accumulation of dislocation and grain refinement after LSP treatment. The accumulated residual stress was measured by X-ray diffraction technique and it found the highest compressive residual stress after LSP treatment was accrued by 3D-printed SS316L alloy with 310 MPa.