Stainless steel 316L has been an extensively investigated metallic material for laser powder bed fusion (L-PBF) in the past few decades due to its high corrosion resistance. However, there are challenges related to producing LPBF parts with minimal defects, attaining mechanical properties comparable with traditional process and dependency on time consuming post process treatments. The selection of L-PBF process parameters is crucial to overcome these challenges. This paper reviews the research carried out on L-PBF process parameter optimization for fabrication of 316L steel components for maximizing part densifications and attaining desired microstructure morphologies in parts. A brief work on numerical simulation approach for process parameter optimization for high densifications is also included in this paper.