Inconel 718 (UNS N07718) is a nickel-base superalloy containing iron that is used at cryogenic temperatures (arctic pipe components) and at high temperatures (gas turbines). This alloy is also used in off-shore oil drilling due to its high overall strength and resistance to corrosion. Inconel 718 components are created by a selective laser melting (SLM) additive manufacturing route and result in isotropic fine-grained microstructures with metastable phases (such as Laves phases) that are not usually present in conventional manufacturing processes. In this work, SLM Inconel 718 alloy specimens were investigated in four different conditions: (1) As-manufactured (AS-AM), (2) Additively manufactured and hot isostatically pressed (AM-HIP), (3) As-manufactured and heat-treated (solution annealing followed by two-step aging), and 4) AM-HIP and heat-treated. Localized corrosion behavior was evaluated at room temperature in a 3.5% NaCl solution at three different pH conditions (pH 1.25, 6.25, and 12.25). Electrochemical tests, including linear polarization, cyclic polarization, potentiostatic conditioning, electrochemical impedance spectroscopy, and Mott–Schottky analyses, were used to compare the corrosion behaviors of the SLM specimens with that of the conventionally wrought IN718 samples. The results showed that the additively manufactured specimens showed better corrosion resistance than the wrought material in the acidic chloride solution, and the AM-HIP specimens exhibited superior corrosion resistance to the as-manufactured ones. Hot isostatic pressing resulted in the visible elimination of the dendritic structure, indicating compositional homogeneity as well as a significant decrease in porosity. In addition, the deleterious secondary phases, such as Laves and δ phases, were not observed in the microstructure of the HIPed samples. The AM-HIP material showed the highest corrosion resistance in all the pH conditions. The two-step aging treatment, in general, resulted in the deterioration of corrosion resistance, which could be attributed to the formation of γ′ and γ″ precipitates that increased the cathodic reaction catalytic activities. In the additively manufactured samples, the presence of the Laves phase was more detrimental to corrosion resistance than any other phases and MC carbide and grain boundary δ phase increased the susceptibility to corrosion in wrought materials.