A high-alloy (Cr-Mo-V) cold-work tool steel was manufactured by laser powder-bed fusion (PBF-LB) without preheating and by electron-beam powder-bed fusion (PBF-EB) with the build temperature set at 850 °C. The solidification rates, cooling, and thermal cycles that the material was subjected to during manufacturing were different in the laser powder-bed fusion than electron-beam powder-bed fusion, which resulted in very different microstructures and properties. During the solidification of the PBF-LB steel, a cellular–dendritic structure was formed. The primary cell size was 0.28–0.32 µm, corresponding to a solidification rate of 2.0–2.5 × 106 °C/s. No coarse primary carbides were observed in the microstructure. Further rapid cooling resulted in the formation of a martensitic microstructure with high amounts of retained austenite. The high-retained austenite explained the low hardness of 597 ± 38 HV. Upon solidification of the PBF-EB tool steel, dendrites with well-developed secondary arms and a carbide network in the interdendritic space were formed. Secondary dendrite arm spacing was in the range of 1.49–3.10 µm, which corresponds to solidification rates of 0.5–3.8 × 104 °C/s. Cooling after manufacturing resulted in the formation of a bainite needle-like microstructure within the dendrites with a final hardness of 701 ± 17 HV. These findings provide a background for the selection of a manufacturing method and the development of the post-treatment of a steel to obtain a desirable final microstructure, which ensures that the final tool’s performance is up to specification.