Additive manufacturing (AM) is a rapidly growing field of technology. In order to increase the variety of metal alloys applicable for AM, selective laser melting (SLM) of duplex stainless steel 2205 powder and the resulting microstructure, density, mechanical properties, and corrosion resistance were investigated. An optimal set of processing parameters for producing high density (>99.9%) material was established. Various post-processing heat treatments were applied on the as-built predominantly ferritic material to achieve the desired dual-phase microstructure. Effects of annealing at temperatures of 950 °C, 1000 °C, 1050 °C, and 1100 °C on microstructure, crystallographic texture, and phase balance were examined. As a result of annealing, 40-46 vol.% of austenite phase was formed. Annealing decreased the high yield and tensile strength values of the as-built material, but significantly increased the ductility. Annealing also decreased the residual stresses in the material. Mechanical properties of the SLM-processed and heat-treated materials outperformed those of conventionally produced alloy counterparts. Using a scanning strategy with 66° rotation between layers decreased the strength of the crystallographic texture. Electrochemical cyclic potentiodynamic polarization testing in 0.6 M NaCl solution at room temperature showed that the heat treatment improved the pitting corrosion resistance of the as-built SLM-processed material.