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In the present work, PH13-8Mo stainless steel parts without yttrium and with yttrium (Y) were manufactured by selective laser melting (SLM). The microstructure, phase composition and grain orientation of the stainless steels parts with Y and without Y were characterized by scanning electron microscopy (SEM), X-ray diffraction (XRD), electron-backscatter diffraction (EBSD), transmission electron microscopy (TEM) and high-resolution transmission electron microscopy (HRTEM). The characterization results revealed that the addition of Y clearly refined the grain size of the PH13-8Mo steel formed part, resulting in more equiaxed massive grains and in a less anisotropic microstructure. PH13-8Mo stainless steel formed parts were mainly composed of martensite and retained austenite. The addition of Y could significantly increase the content of retained austenite and also generate nano-sized precipitates containing Y. The mechanical test results showed that both strength and toughness of the shaped parts containing Y were improved synergistically. The yield strength reached 1443 MPa, the elongation was 12.2%, and the room temperature impact energy reached 124.25 J/cm². The strengthening and toughening by Y of the formed parts were mainly attributed to grain refinement, higher volume fraction of the retained austenite and the formation of nano-sized precipitates containing Y.