The FeCo-V alloy, commercially referred to as Hiperco, is known for its great soft magnetic properties. However, the high cost of production has limited the usage of this alloy to small-scale applications, where the small volume and high magnetic performance are critical. Additive manufacturing (AM) has the potential to solve the production problems that exist in Hiperco manufacturing. The present research has focused on selective laser melting (SLM) based AM processing of Hiperco. The goal was to perform a detailed examination of SLM processed Hiperco and determine how the process parameters affect the microstructure, mechanical and magnetic properties. While a systematic set of SLM process parameters were employed, the results indicate that the energy density was quite similar for this set of process parameters, resulting in similar properties. Overall, the saturation magnetization (Ms) values were very good, but the coercivity (Hc) values were very high, in the case of all as SLM processed conditions. Additionally, a large variation in porosity was observed in the as SLM processed samples, as a function of process parameters. Interestingly, long-term heat-treatments of these samples in an Ar+H2 atmosphere resulted in substantial decreases in the Hc values. These results are presented and discussed.