The addition of Mn in Al–Fe alloys stabilizes the Al6Fe metastable phase (orthorhombic structure, oC28) owing to the partial occupation of Fe sublattice sites by Mn atoms (formation of Al6(Fe, Mn) phase), thereby achieving superior high-temperature strength of Al–Fe–Mn ternary alloys that are manufactured via laser powder bed fusion (L-PBF) process. This study aimed to fundamentally understand the thermal stability of the refined Al6(Fe, Mn) phase formed in the L-PBF fabricated Al–2.5%Fe–2%Mn alloy in terms of a thermodynamic approach and the kinetics of morphological changes in the Al6(Fe, Mn) phase at elevated temperatures ranging from 200 to 500 ℃. The L-PBF processed samples showed a high hardness of approximately 125 HV due to the formation of numerous dispersoids of the Al6(Fe, Mn) phase with sizes of several tens of nanometers in the α-Al matrix containing concentrated solute elements of Fe and Mn. The hardness and microstructure were almost unchanged even after exposure to a high temperature of 200 ℃ for an extended period of 1000 h. Upon exposure to 300 ℃, nucleation and growth of the Al6(Fe, Mn) phase occurred locally, particularly at grain boundaries in the α-Al matrix. Such a local growth contributed to a reduction in hardness upon thermal exposure. Simultaneously, numerous nanoscale precipitates were formed in the α-Al matrix, resulting in a suppressed reduction in hardness. Contrary to the result of the thermodynamic calculations, the θ-Al13Fe4 phase was scarcely found even after long-term exposure to 500 ℃. The θ-phase formation was accompanied by the dissolution of the refined Al6Fe metastable phase for strengthening, which significantly reduced the hardness during thermal exposure. The suppressed θ-phase formation could be associated with the thermodynamically stable Al6(Fe, Mn) phase developed during the L-PBF process, which predominantly contributed to the high microstructural stability of the L-PBF fabricated Al–Fe–Mn alloy at elevated temperatures.