Selective laser melting (SLM) process is characterized by large temperature gradients resulting in high levels of residual stress within the additively manufactured metallic structure. SLM-processed Ti6Al4V yields a martensitic microstructure due to the rapid solidification and results in a ductility generally lower than a hot working equivalent. Post-process heat treatments can be applied to SLM components to remove in-built residual stress and improve ductility. Residual stress buildup and the mechanical properties of SLM parts can be controlled by varying the SLM process parameters. This investigation studies the effect of layer thickness on residual stress and mechanical properties of SLM Ti6Al4V parts. This is the first-of-its kind study on the effect of varying power and exposure in conjunction with keeping the energy density constant on residual stress and mechanical properties of SLM Ti6Al4V components. It was found that decreasing power and increasing exposure for the same energy density lowered the residual stress and improved the % elongation of SLM Ti6Al4V parts. Increasing layer thickness resulted in lowering the residual stress at the detriment of mechanical properties. The study is based on detailed experimental analysis along with finite element simulation of the process using ABAQUS to understand the underlying physics of the process.