This research investigated the relationship between volume energy density and the microstructure, density, and mechanical properties of the Ti-5Al-5Mo-3V-1Cr-1Fe alloy fabricated via the SLM process. The results indicate that an increase in volume energy density can promote a transition from a columnar to an equiaxed grain structure and suppress the anisotropy of mechanical properties. Specifically, at a volume energy density of 83.33 J/mm3, the average aspect ratio of β grains reached 0.77, accompanied by the formation of numerous nano-precipitated phases. Furthermore, the relative density of the alloy initially increased and then decreased as the volume energy density increased. At a volume energy density of 83.33 J/mm3, the relative density reached 99.6%. It is noteworthy that an increase in volume energy density increases the β grain size. Consequently, with a volume energy density of 83.33 J/mm3, the alloy exhibited an average grain size of 63.92 μm, demonstrating optimal performance with a yield strength of 1003.06 MPa and an elongation of 18.16%. This is mainly attributable to the fact that an increase in volume energy density enhances thermal convection within the molten pool, leading to alterations in molten pool morphology and a reduction in temperature gradients within the alloy. The reduction in temperature gradients promotes equiaxed grain transformation and grain refinement by increasing constitutive supercooling at the leading edge of the solid–liquid interface. The evolution of molten pool morphology mainly inhibits columnar grain growth and refines grain by changing the grain growth direction. This study provided a straightforward method for inhibiting anisotropy and enhancing mechanical properties.