This study investigates selective laser melting (SLM) of the nickel based superalloy IN738LC and the cobalt based alloy Mar-M509, and identifies the influence of process and material parameters on the resulting microstructure. Comprehensive microstructural characterization was performed using electron backscattered diffraction analysis. Significant differences between IN738LC and Mar-M509 were observed with respect to grain size, grain shape and texture sharpness. Alloy IN738LC exhibits coarse and elongated grains with a sharp texture and thus a pronounced mechanical anisotropy. Alloy Mar-M509 shows smaller grains with only moderate structural and mechanical anisotropy. The different microstructural and mechanical characteristics are attributed to the different recovery and recrystallization behavior of IN738LC and Mar-M509. The high stacking fault energy (SFE) of IN738LC results in pronounced recovery of lattice defects without affecting the basic grain structure, whereas the low SFE in Mar-M509 favors recrystallization with the effect of significant grain refinement and weakening of the solidification texture. The effect of microstructure and the structural anisotropy on the orientation-dependent values of the Young’s modulus and the mechanical properties are further discussed.