WC–Co cemented carbides, well-known as the conventional tooling materials, have not been successfully produced by one step additive manufacturing processes such as selective laser melting (SLM) yet. The microstructure evolution as well as WC grain growth behavior has rarely been investigated in detail during SLM process. In this study, the WC–Co cemented carbides with different Co contents (12–32 wt%) were prepared by optimized SLM processes for comparative investigation of densification behavior, microstructure characterization and mechanical property. The increase in Co content in feedstock carbide granules can improve the densification behavior during SLM process. The SLM processed WC-12Co shows larger average WC grain size and higher percentage of coarser WC grains as compared with both WC-20Co and WC-32Co. The microstructure characterization, combined with finite element simulation, shows the WC grain growth mechanisms include agglomeration and dissolution-deposition of WC during SLM process and agglomeration of WC is an important mechanism especially for WC–Co cemented carbides with Co content as low as 12 wt%. The comparison between horizontal (perpendicular to the SLM laser beam) and vertical (parallel to the SLM laser beam) cross sections of carbides shows that SLM process introduces a certain degree of microstructure and mechanical behavior anisotropy for WC-12Co, WC-20Co, and WC-32Co.