As one of the most important additive manufacturing (AM) techniques, laser metal deposition (LMD) has been extensively studied specially during the last few years. Similar to other AM techniques, the quality of LMD parts is highly dependent on the processing parameters that need to be optimized so as to obtain geometrically accurate parts as well as favorable microstructures and, thus, mechanical properties. The present review paper therefore aims to present a critical analysis and overview of the relationship between processing parameters, microstructure, and mechanical properties of LMD components made from the Ti–6Al–4V alloy. Moreover, we discuss the applications of LMD parts in the aerospace and biomedical industries as well as the potential of LMD techniques for fabrication of more complex parts such as cellular structures. The paper concludes with a summary of the most important findings and suggestions for future research.