Additive manufacturing (AM) and three-dimensional (3D) printing techniques are at the forefront of the emerging revolution in the digital manufacturing space. Its strength primarily stems from its tremendous flexibility in rapid prototyping, extremely cost-effective product development, and significant improvement in process optimization and inventory management, just to name a few. Its attractiveness is further augmented by its capability to thoroughly integrate with other emerging technologies like the Internet of Things (IoT) based Industry 4.0, as well as more socially responsive, holistic growth approaches that are implemented in Industry 5.0 standards. Therefore, it is no wonder that AM and 3D printing techniques are significantly promoted by governments of different countries and socially responsible big corporate houses and are a matter of intense research worldwide. These techniques are progressively replacing traditional manufacturing methods in several sectors due to their reduced material usage, promoting sustainability, and ability to generate complicated geometries quickly and cost-effectively. Custom materials, design flexibility, and quick prototyping for testing are all areas where traditional industrial production could be significantly improved with the help of these new approaches. In recent years, AM has evolved beyond its traditional meaning of rapid prototyping and moved into industrial manufacturing to meet the needs of modern manufacturing. AM’s versatility originates from its ability to leverage fusion and solid-state techniques. Electric arcs and high-energy density beams, such as lasers and electron beams, fuse powders or metal rods and generate highly complex geometric parts with the utmost precision and desired properties. The plasticity-based solid-state AM processes generally induce frictional heat by engaging a metallic tool with either a stirring motion or ultrasonic vibration. These techniques are mostly efficient for manufacturing finished products with metal matrix composites, parts with simple geometry, and isotropic mechanical properties. To propel 3D printing and AM into the next-generation materials developments and fabrication protocols and standards, it is crucial to have an effective strategy for the amalgamation of the knowledge of material properties, process parameters optimization, and adequate adaptation of the principles of design for manufacturing (DFM; an emerging approach for efficient designing, primarily executed at the design stage but aims of overall cost-effectiveness and simplifying manufacturing). In a larger sense, 3D printing coupled with digital manufacturing with the interface of IoT sensors, cloud, and edge computing, blockchain tools, etc., can revolutionize sustainable manufacturing and create new opportunities for interdisciplinary research for exotic applications. Combining 3D printing technology and procedures with conventional manufacturing methods will spur innovations in material, design, and production. Eventually, 3D printing will be as useful to the manufacturing sector as the subtractive manufacturing techniques.