Additive manufacturing (AM) is today’s buzzword—and not only in commercial production. One of the AM techniques produces 3D objects with complex geometry using a laser beam. The relationship between the morphology of individual powder particles and the printing process has not been adequately documented yet. This article presents a detailed microscopic analysis of virgin and reused powder particles of maraging steel. Metallographic observation was performed using a scanning electron microscope (SEM). Detailed analyses of individual particles were carried out using SEM with a focused ion beam (FIB) milling capability. Analyses of elemental distribution and phase distribution were performed using EDS and EBSD, respectively. The findings have led to a better understanding and prediction of defects in additive-manufactured products.