Martensitic 420 stainless steel was successfully fabricated by Selective laser melting(SLM) with >99% relative density and high mechanical strength of 1670 MPa, yield strength of 600 MPa and elongation of 3.5%. X-ray diffraction (XRD) and scanning electron microscopy disclosed that the microstructure of SLM 420 consisted of colonies of 0.5–1 μm sized cells and submicron martensitic needles with 11 wt. % austenite. Tempering of as-built SLM 420 stainless steel at 400 °C resulted in ultra-high strength material with high ductility. Ultimate tensile strength of 1800 MPa and yield strength of 1400 MPa were recorded with an elongation of 25%. Phase transformation analysis was carried out using Rietveld refinement of XRD data and electron backscattered diffraction (EBSD), which showed the transformation of martensite to austenite, and resulted in austenite content of 36 wt. % in tempered SLM 420 stainless steel. Transformation induced plasticity (TRIP), austenite formation and fine cellular substructure along with sub-micron martensite needles resulted in stainless steel with high tensile strength and ductility. The advanced mechanical properties were compared with conventionally made ultra-high-strength steels, and the microstructure-properties relationships were disclosed.