The tensile flow properties of austenitic (S316-L) and martensitic (S410-L) stainless steel wall structures deposited by powder-fed laser additive manufacturing (LAM) process are evaluated. The properties obtained by the LAM process are compared to commercial rolled sheets of these metals. Strain-rate sensitivity, work hardening, and fracture behavior are assessed by conducting uniaxial tensile testing at different strain rates (0.001, 0.01, 0.1, and 1.0 sec−1). Moreover, a correlation between the final microstructure and mechanical properties is established for the LAM products through detailed analyses of grain structures and hardness indentation measurements. The results indicate a strong dependency for the strain rate in martensitic alloys compared to austenitic alloys produced by the LAM process. Interestingly, the tensile strength of commercial rolled martensitic stainless steel sheet doubles (∼100% increase) by increasing the strain rate, while preserving its elongation to failure. Comparing the two manufacturing methods, a lower strain-rate sensitivity factor is recorded for the additive manufacturing material (m of ∼0.0336) compared to the commercial sheet (m of ∼0.0775). This lower sensitivity is attributed to coarser grain structure and greater microstructural heterogeneity of the LAM product, which stems from directional solidification and cooling phenomenon during the layer-upon-layer deposition process. In contrast, the work hardening exponent (n value) varies little (0.1834–0.2854) for the different materials and manufacturing methods. Fractographic studies reveal that the fracture mode varies from ductile rupture towards ductile-brittle with the formation of greater martensitic phases, which is in combination with the failure component changing from shear to tensile at high strain rates.