In this study, we investigated the effects of hot isostatic pressing (HIP) on the mechanical properties of an Al-10%Si-0.4%Mg alloy fabricated by selective laser melting (SLM). In addition, the effect of internal porosity on the mechanical properties of the alloy was also investigated. After the HIP, the internal porosity of the alloy decreased, while its elongation to failure (EL) improved significantly. However, the 0.2% proof stress (PS) and the tensile strength (TS) of the HIPed alloy were significantly lower than those of the as-built state. This can be attributed to the microstructural changes that occurred at elevated temperatures during the HIP. In addition, the PS and TS of the as-built alloy decreased with an increase in the internal porosity. On the other hand, in the case of the HIPed alloy, the PS and TS were not affected by the internal porosity. However, EL was sensitive to the internal porosity. The EL of the HIPed alloy decreased with an increase in its initial internal porosity. This is because the diffusion bonding during the HIP was imperfect owing to the presence of oxidized scales. Hence, it is imperative to optimize the laser irradiation conditions for the fabrication of aluminum alloy by SLM.