Ni-alloy Inconel 718 (IN718) is finding ever-increasing applications in various industries like aviation and aerospace. IN718 is a precipitation-strengthened alloy which derives its strength mainly from the intermetallic phases, γ” (Ni3Nb) along with the γ’ (Ni3(Al, Ti)) phase which can be precipitated using standard heat treatment schedules. However, the consummation of Nb in Laves phase formation during solidification tends to deteriorate the strength of the material. During laser additive manufacturing (LAM) by directed energy deposition (DED), the cooling rate variation along the build direction causes variations in the microstructure, properties and Laves phase distribution. The study aims to minimize the heterogeneities along the build direction by monitoring and controlling the cooling rate during DED of IN718. The feedback control system involves the use of two pyrometers in tandem with a leading pyrometer measuring the molten pool temperature and a trailing pyrometer measuring the temperature at a distance behind the molten pool. Two sets of thin walls of 120 layers were fabricated with one set being of constant process parameters without feedback control and the other set being of adaptive-controlled process parameters. The adaptive control was aimed at maintaining the cooling rates above a desired limit by changing the process parameters, namely the laser scan speed and the powder feed rate. The Laves phase morphology, which affects the strength of the deposited part deleteriously was finer and more discrete in the adaptive-controlled walls which led to their easier dissolution during heat treatment. This in turn helped in the precipitation of more amount of strengthening phases during heat treatment which led to better mechanical properties. The characterizations of the two sets of walls reflected the superior part quality of the adaptive-controlled wall in terms of homogeneity of microstructure, enhanced microhardness and tensile strength, thereby validating the importance of adaptive control of cooling rate in ensuring better quality in LAM parts.