This study focuses on the microstructure and magnetic properties of Fe-50wt.% Ni permalloy be processed from the pre-alloyed powder by selective laser melting (SLM). SLM alloys were characterized by an optical microscope, scanning electron microscopy, X-ray diffraction, etc. The effects of the scanning speed on porosity, microstructure, and microhardness were evaluated and discussed. The magnetic properties were analyzed by magnetic property tester under DC and AC conditions, respectively. The evolution of iron losses at different frequencies with an external magnetic field of 10 mT under the AC condition was also studied. The results show that the relative porosity of SLM samples decreases with the decrease of scanning speed. And the microhardness of the SLM specimens increases with the decrease of scanning speed. However, very low scanning speed also leads to very high energy density, resulting in microcracks and large grain size due to the increase of thermal stress. Only the γ-(FeNi) phase was detected in the XRD patterns of the SLM permalloys manufactured from the different scanning speeds. The microstructure of the SLM parts is a typical columnar structure with an oriented growth of building direction. Also, there are a small number of equiaxed grains, especially near the boundary of the molten pool. In the SLM samples prepared with more suitable energy density, the relative porosity of the samples is less than 0.5%, the coercivity is about 270 A/m, the saturated magnetic induction intensity is 1.2 T, the residual saturated magnetic induction is 0.4 T, and the iron loss increases with the increase of frequency when the magnetic field intensity is 10 mT.