Fe-Mn-Si shape memory alloys are materials, whose functional properties strongly depend on microstructural factors such as grain size and orientation, phase fraction and chemical composition. The present study demonstrates the possibility of microstructure modification via process parameter variation on a Fe-Mn-Si based shape memory alloy fabricated by laser powder bed fusion. By varying the scan speed, samples characterized by coarse elongated grains with strong <001> orientation along the build direction or by finer equiaxed grains without preferential orientation can be fabricated. Changes in the volume phase fraction of bcc-δ ferrite and fcc-γ austenite are also introduced by selective Mn evaporation. A direct correlation between the generated microstructure and achieved mechanical and shape memory properties is found.