The present study compares the thermomechanical fatigue (TMF) behaviour of 316L stainless steel manufactured conventionally by hot rolling and additively by laser powder bed fusion (L-PBF). Machined cylindrical specimens were tested under strain-controlled in-phase and out-of-phase TMF loading at a temperature range of 550–750 °C and total mechanical strain amplitudes of εamech = 0.2–0.6 %. While the conventional 316L significantly outperforms the L-PBF 316L under in-phase TMF, their lifetimes are comparable under out-of-phase TMF. Under in-phase TMF, creep damage in the form of intergranular crack networks occurs which is significantly more pronounced for the L-PBF 316L due to the higher amount of interfaces. Under out-of-phase TMF, the damage is mostly due to stress-assisted oxide cracking and the crack propagation is fatigue-dominated. TEM inspection revealed that L-PBF 316L exhibits a cellular dislocation structure in the initial state, which rearranges only slightly during cycling. For conventional 316L similar dislocation cells form during TMF cycling indicating that they represent a stable dislocation arrangement in 316L under TMF loading. This is evidenced by the rather stable cyclic stress response of the L-PBF material when compared to the conventional material.