Particle-reinforced aluminium matrix composites (PRAMCs) have attracted considerable interest from a number of industrial sectors, including aviation, aerospace, medicine, and parts manufacturing. This is due to the fact that they exhibit enhanced mechanical properties, including specific modulus, specific strength, and coefficient of thermal expansion, which are superior to those of matrix alloys. This improvement is attributed to a certain volume fraction of reinforcement. This review systematically categorizes the recent research on the fabrication of PRAMCs using selective laser melting (SLM). The study provides a comprehensive analysis and summary of the forming process, microstructure, and mechanical properties. The research demonstrates that the preparation of PRAMCs by SLM, optimization of laser process parameters, and control of the content of reinforcing particles can elevate the laser energy input, thereby reducing melt viscosity and the occurrence of internal pores and other defects in the specimen. This leads to a remarkable increase in the composite material’s densities (up to 99%). Furthermore, the dendritic crystal morphology of the specimen undergoes a transformation from a columnar crystal to an equiaxial crystal, displaying greater homogeneity and fineness. Additionally, the average grain size is reduced by 80% to 90% compared to the matrix alloy. The mechanical properties of the composites can be enhanced by modifying the type and quantity of reinforcement. Lastly, this review outlines the common challenges in practical production and forecasts the development trend of SLM-prepared PRAMCs.