Compared to powder-bed fusion (PBF), Bound Metal Deposition (BMD) has substantially less capital and operating costs, yet is safer and has similar performance. Despite these advantages, BMD is less widely utilized than PBF, partially due to a lack of characterization of BMD’s process–structure–property relationships. This work seeks to address this problem by characterizing microstructure and mechanical properties of BMD 17-4 PH v2 materials. ASTM E18 hardness and ASTM E8 tensile tests were conducted on 8 XYZ-, 8 YXZ-, and 8 ZYX-oriented (for a total of 24) ASTM E8 subsize tensile specimens. Results indicate the average modulus, yield strength, ultimate strength, percentage elongation, and hardness were 166 GPa, 696 MPa, 887 MPa, 6.33%, and 29.7 HRC, respectively. Average ultimate strengths for the XYZ and YXZ specimens were 941 and 901 MPa, respectively, which were 15% and 10% greater than, respectively, the 820 MPa average ultimate strength of the ZYX specimens. Fracture surfaces were scanned via a z-stacking microscope, revealing fracture morphologies of YXZ and ZYX specimens. Lastly, scanning electron microscopy (SEM) images show the evolution of binder-powder constituents within the microstructure in four states: prior to printing, green state, brown state, and as-sintered. This work is important in that characterization of materials facilitates designers and engineers to realize the aforementioned advantages of BMD.