Additive manufacturing (AM) of high-strength metallic alloys frequently encounters detrimental distortion and cracking, attributed to the accumulation of thermal stresses. These issues significantly impede the practical application of as-printed components. This study examines the Mg-15Gd-1Zn-0.4Zr (GZ151K, wt.%) alloy, a prototypical high-strength casting Mg-RE alloy, fabricated through laser powder bed fusion (LPBF). Despite achieving ultra-high strength, the GZ151K alloy concurrently exhibits a pronounced cold-cracking susceptibility. The as-printed GZ151K alloy consists of almost fully fine equiaxed grains with an average grain size of merely 2.87 µm. Subsequent direct aging (T5) heat treatment induces the formation of dense prismatic β' precipitates. Consequently, the LPBF-T5 GZ151K alloy manifests an ultra-high yield strength of 405 MPa, surpassing all previously reported yield strengths for Mg alloys fabricated via LPBF and even exceeding that of its extrusion-T5 counterpart. Interestingly, as-printed GZ151K samples with a build height of 2 mm exhibit no cracking, whereas samples with build heights ranging from 4 to 18 mm demonstrate severe cold cracking. Thermal stress simulation also suggests that the cold cracking susceptibility increases significantly with increasing build height. The combination of high thermal stress and low ductility in the as-printed GZ151K alloy culminates in a high cold cracking susceptibility. This study offers novel insights into the intricate issue of cold cracking in the LPBF process of high-strength Mg alloys, highlighting the critical balance between achieving high strength and mitigating cold cracking susceptibility.