This study investigated the microstructure effects on the stress corrosion cracking (SCC) initiation behavior of laser powder-bed-fusion (L-PBF) printed 304 L stainless steel in high-temperature hydrogenated water. The dislocation cells facilitate Cr transportation, thereby mitigating intergranular oxidation and SCC initiation. Compared to the warm-rolled dislocation cells, as-printed dislocation cells result in reduced strain localization, which is beneficial for suppressing SCC initiation. This is because the as-printed dislocation cells are stable and composed of abundant screw dislocations. Micro-inclusions can lead to nodular corrosion, thus increasing the depth of intergranular oxidation and promoting SCC initiation.