This study explored the relationship between process parameters and fracture behavior in 316L stainless steel printed by laser powder bed fusion. Fracture testing was conducted according to ASTM E1820 for single edge notch bending, and elastic mechanical properties were determined using ultrasonic surface wave analysis. Five test sets were considered in a vertical building configuration using five different volumetric energies belonging to conduction mode. The critical fracture toughness was calculated and discussed along with the plastic deformations at the crack tip. The study found that local plastic deformation for single edge notch bending was influenced by powder bed fusion process parameters. A correlation was observed between energy density, fracture toughness, and the dimensions of the fracture process zone. The R-curves showed different fracture behaviors depending on the energy density. The energy required to grow a crack was associated with larger plastic zones, resulting in fracture toughness values ranging from 43 (43 J mm−3) to 427 kJ/m2 (68 J mm−3). Results are discussed in terms of porosity and strain hardening capacity depending on the manufacturing conditions.