By using the laser ultrasonics nondestructive technology, combined with the microstructure and mechanical property of post-processing annealed selective laser melted 316L stainless steel characterized by scanning electron microscopy (SEM), electron backscattering diffraction (EBSD), and mechanical property testing, selective laser melted 316L stainless steel after post-processing annealing was evaluated. The results show that the frequency domain attenuation coefficient of ultrasonic waves is positively correlated with the average grain size; the time domain attenuation coefficient of ultrasonic waves is negatively correlated with the low angle boundary content. The tensile strength has a good correlation with the time domain attenuation coefficient and wave speed, the correlation coefficients R2 are 0.95 and 0.89 respectively; the yield strength correlates with the time domain attenuation coefficient, the correlation coefficient R2 is 0.76; the elongation has a good correlation with the frequency domain attenuation coefficient and wave speed, the correlation coefficient R2 is 0.90 and 0.86 respectively.