In this work, a 3D printed polymer-metal soft-magnetic composite was developed and characterized for its material, structural, and functional properties. The material comprises acrylonitrile butadiene styrene (ABS) as the polymer matrix, with up to 40 vol. % stainless steel micropowder as the filler. The composites were rheologically analyzed and 3D printed into tensile and flexural test specimens using a commercial desktop 3D printer. Mechanical characterization revealed a linearly decreasing trend of the ultimate tensile strength (UTS) and a sharp decrease in Young's modulus with increasing filler content. Four-point bending analysis showed a decrease of up to 70% in the flexural strength of the composite and up to a two-factor increase in the secant modulus of elasticity. Magnetic hysteresis characterization revealed retentivities of up to 15.6 mT and coercive forces of up to 4.31 kA/m at an applied magnetic field of 485 kA/m. The composite shows promise as a material for the additive manufacturing of passive magnetic sensors and/or actuators.