Invar 36 samples were fabricated via laser powder bed fusion (LPBF) at various energy densities. In this work, a parameter range for the preparation of full-density Invar 36 samples was determined. The microstructural evolution and tensile properties of the materials were studied in the as-LPBFed state, and the role of subgrain structures on the fracture mechanism was investigated. According to the results of this analysis, as the energy density increased, the density first increased and then decreased. The maximum density (99.94 %) reached 65 J/mm3, and the simple density reached full density at 40–90 J/mm3. Due to constitutional supercooling, the microstructure of the alloy is composed of cellular subgrains and columnar subgrains. Columnar subgrains grow perpendicular to the boundary of the molten pool to the center of the molten pool, while cellular subgrains primarily exist in the remelting area of the molten pool. In the full density range, the ultimate tensile strength of the samples reaches 437–484 MPa, and differences in the morphology, distribution, and micronicomechanical properties of the subgrains are responsible for the differences in macroscopic properties. At 40, 65, and 90 J/mm3, the elastic moduli of the columnar subgrains are approximately 155.1 GPa, 161 GPa, and 162.4 GPa, respectively; the elastic moduli of the cellular subgrains are approximately 136.2 GPa, 140.2 GPa, and 139.9 GPa, respectively, which means that in the elastic deformation stage, the columnar subgrains are more resistant to elastic deformation; in the plastic deformation stage, different subgrains have different effects on crack propagation; the columnar subgrains grow perpendicularly to the melt pool boundary, which has a hindering effect on the extension of microcracks; and the cellular subgrains have a homogeneous grain size so that the microcracks can be easily extended along the cellular subgrain boundaries.