The effect of main parameters of the selective laser melting (SLM) process on the structure and properties of permanent magnets made from an Alnico alloy is studied. Series of samples were prepared using various combinations of SLM conditions and spherical powder particles of an Alnico alloy prepared by melt spraying. A suitable range of manufacturing parameters is determined, which allows us to fabricate permanent magnets with an optimum structure. Conclusions about the effect of the main parameters of the SLM process on the surface morphology of the deposited alloy are inferred. The optimization of scanning conditions allows us to decrease the cracking and, therefore, to reach a high level of physical and mechanical properties of Alnico alloy samples.