A new superalloy, Alloy738+, adapted for laser powder bed fusion (LPBF) process has been demonstrated based on the chemical composition tailoring based on the parent cast superalloy IN738LC. The new alloy principally modified the element composition of Cr, Al, Ti, Ta, and Nb. In the new alloy, Alloy738+ has 2 wt.% less Cr, 2 at.% more Al, 2 at.% less Ti, 0.3 wt.% more Ta, and 0.6 wt.% more Nb compared to the nominal composition of IN738LC, as shown in Fig. 1. This new alloy has been successfully fabricated by the LPBF process with a very low defect level of 0.03% by using the optimized processing parameters. The Alloy738+ shows a comparable creep deformation rate with the parent alloy IN738LC, but a generally shorter elongation at fracture and creep rupture life is also noticed. At the isothermal oxidation at 850 °C and 950 °C, the Alloy738+ shows approximately one order of magnitude lower parabolic constant than IN738LC indicating a slower oxides growth rate. In the cyclic oxidation regime, at 850 °C, Alloy738+ shows excellent oxides spallation resistance for 1235 h. At a higher temperature of 950 °C, weight loss occurs after 260 h. At an even higher temperature 1050 °C, significant weight loss starts at the very beginning.