Ultra-thin precision stainless steel foil, namely, ultra-thin strip, is widely used in high-end engineering fields such as electronics, aerospace, automotive and chemical industries. Therefore, based on the size effect and anisotropy of micrometer precision austenitic stainless steel foil in cold rolling, the rolling process was studied by using the crystal plastic finite element method, and the influences of different thicknesses and initial grain orientations on the plastic deformation of foil were analyzed. The results indicate that the stress concentration during the rolling process is mainly distributed at grain boundaries between the grains. With the increasing of foil thickness, the rolling force increases significantly, the stress and strain distributions gradually tend to be uniform, and the stress distribution of the single-layer crystal is also relatively uniform; the smaller the foil thickness, the more significant the strain gradient within the grain, and the strain band after rolling tends to the rolling direction. The influence of random initial orientation on the rolling force and rolling stability is relatively small. Single grains with different random initial orientations show great differences in stress and strain distribution, and their final grain morphologies are also different, although the differences are minor, and the grains are all elongated along the rolling direction.