Additive manufacturing (AM), also known as 3D printing, is gaining the attention of various industries as a viable alternative to conventional manufacturing, empowering design freedom, novel architectures, composition control, and sustainability. Meanwhile, metal matrix composites (MMCs) are being investigated for orthopedic implant applications due to their flexibility to achieve excellent strength, corrosion resistance, and bioactivity. Combining these two research fronts by utilizing AM for manufacturing multi-functional MMC bone scaffolds, having specific structures and compositions, has led to the recent development of a new generation of biomaterials with enhanced material properties not achievable with monolithic counterparts. Aimed at understanding the status of the research on the topic and identifying the remaining challenges, this review article discusses the utilization of AM for realizing the design vision of different MMC scaffolds, focusing on the synergistic combination of mechanical and biological characteristics, such as enhanced biodegradability, strength, and osteogenic properties. It starts by discussing the requirements for orthopedic implants and different AM techniques utilized thus far for manufacturing them, especially MMC orthopedic implants. Then, it delves into different MMCs, including Ti-, Mg-, and Fe-matrix composites that have been 3D printed into bone-substituting scaffolds and discusses their recent progress and specific characteristics. Finally, we identify the knowledge gaps and potential directions for developing MMCs further toward clinically viable, advanced orthopedic implants.