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Abstract: Powder-based metal additive manufacturing (AM) has matured from a tool for creating complex geometries to a versatile platform for engineering microstructures and unlocking functionalities. Beam-based processes such as powder bed fusion (PBF) and directed energy deposition (DED) offer unique control over solidification pathways, defect populations, and alloy design, enabling property combinations that extend well beyond conventional processing routes. This article explores how these capabilities are leveraged to enhance functional performance in metallic systems. Following a brief introduction to beam-shaped AM principles and microstructural control, we discuss the design of mechanical behavior with emphasis on secondary hardening phenomena as well as shape-memory effects in certain alloys. We then examine how process–structure interactions govern magnetic properties, thermal and electrical conductivity, as well as corrosion resistance. Finally, we discuss how these emerging trends are shaping the transition of AM from a manufacturing technique into a platform for multifunctional, application-driven materials engineering.