Electron beam melting (EBM®) is a metallic printing process that has become increasingly sophisticated over the past decade. The formation of residual stress due to a high-energy electron beam is considered a primary hindrance in the maturation of the process itself and, subsequently, the quality of the printed parts. Contrary to hit and trial, the finite element method (FEM) has become a prevalent technique for estimating residual stresses and subsequent distortion in additive manufacturing chunks. Since the EBM® is a powder bed fusion (PBF) process, powder material properties are substantially different from those of solid and undoubtedly important for efficient simulation. Several reviews have been published on FEM applications in additive manufacturing so far; however, a straightforward solution for material modeling from EBM® viewpoint is still needed. This critical review paper is an attempt to propose a material modeling approach to establish an adequate FEM model for EBM® process simulation.