Inconel 718 samples have been fabricated by selective laser melting (SLM) and subjected to a series of heat treatments to study the isothermal precipitation behaviors of δ, γ′, and γ″ phases. A time–temperature–transformation (TTT) diagram for as‐built Inconel 718 is finally plotted. The morphology, size, and distribution of δ phase are studied, and the corresponding transformation kinetics is analyzed by Avrami equation. The results demonstrate that the transformation rate at 900 °C is the highest, though the nose of the TTT curve occurs at 860 °C after an incubation period of 10 min. As the aging temperature increases (620–820 °C), the precipitation rate of γ′/γ″ increases and the time to reach peak hardness decreases. The nose of the TTT curve for γ′/γ″ precipitation occurs at 820 °C after only 32 s. Nevertheless, when aged above 720 °C, the peak hardness decreases. In addition, the age hardening can be described by Avrami equation when δ phase is absent (620–770 °C). In summary, SLMed Inconel 718 exhibits a faster precipitation kinetics compared with wrought material, whereas their phase transition temperatures are similar.