Abstract: Aluminum alloys, known for their high specific strength, excellent corrosion resistance, and strong adaptability to various forming processes, have become the most widely used lightweight structural materials in the industrial field, particularly well-suited for the precision manufacturing of complex components. Selective Laser Melting (SLM), with its advantages of customization, high-precision forming capabilities, and significantly reduced production cycles, is accelerating the application of aluminum alloy components in high-end manufacturing. Rare earth elements, due to their high chemical activity, exhibit significant modification, purification, and strengthening effects when added to aluminum alloys. This paper reviews the current research progress on rare earth aluminum alloys fabricated via SLM, summarizes the mechanisms by which rare earth elements influence aluminum alloys, and discusses their effects on microstructural evolution and mechanical properties. These insights aim to ensure that the improved aluminum alloys are better suited for additive manufacturing and capable of meeting more demanding production processes and application requirements.