Selecting the 3Cr13 stainless steel hot rolled plate with the thickness of 4.2 mm as the base material, the specimens after solution treatment were successively cold rolled with the reduction amounts of 60% and 70% to reduce their thicknesses to 1.61 and 1.22 mm and annealed at the temperature range of 900-1050 ℃, and its microstructure and mechanical properties were tested. The results show that many recrystallized grains are formed in the solution samples, most of which are in the form of equiaxed shape, and the ferrite grains in equiaxed-shaped state are elongated along the rolling direction after cold rolling. After gradually increasing the cold rolled reduction amount, more elongated grains are generated, and a small amount of black and light white structures are precipitated in the cold rolled structure. Among them, the black particles are composed of TiN, and the light white particles are mainly composed of Nb(C,N). Furthermore, the specimens obtain greater tensile strength and yield strength by cold rolling treatment, and the tensile strength, yield strength and hardness of specimen with the reduction amount of 70% is 981 MPa, 929 MPa and 362.8 HV respectively as well as the elongation does not exceed 1.2%. After gradually increasing the annealing time, a higher proportion of σ phase is formed in the cold-rolled specimens, and the maximum increase is achieved when the 80% cold-rolled specimens are annealed at 900 ℃. Thus, the nucleation and growth of σ phase are promoted by the annealing at 900 ℃.