Graphene is an ideal reinforcement material for metal matrix composites (MMCs) owing to its high strength, high ductility, light weight, as well as good bonding with metal matrix. In this study, graphene nanoplatelets (GNPs) reinforced Inconel 718 composites are fabricated by selective laser melting (SLM) technique and processed under various postheat treatment schemes. It is found that the fabrication of GNPs-reinforced MMC using the SLM technique is a viable approach. The obtained composite possesses dense microstructure and enhanced tensile strength. Postheat treatments at two levels of solution temperature (980 and 1220 °C) for 1 h followed by two-step aging are carried out. The experimental results indicate that the addition of GNPs into Inconel 718 matrix results in significant strength improvement. Under the as-built condition, the ultimate tensile strengths (UTSs) of SLM Inconel 718 materials are 997 and 1447 MPa, respectively, at 0 and 4.4 vol % GNP content. The strengthening effect of GNPs is most prominent under the as-built condition, and the strength of as-built GNPs-reinforced Inconel 718 is higher than that of unreinforced Inconel 718 under any processing conditions. The formation of γ′ and γ″ precipitates is suppressed in the GNPs-reinforced composite under the aging condition due to the formation of metallic carbide (MC) carbide and the depletion of Nb. GNPs effectively inhibits grain growth during postheat treatment. Quantitative investigation of the various strengthening effects demonstrates that load transfer effect is dominating among all contributors.