In order to improve the processability of SUS304 austenitic stainless steel, eliminate work hardening, and prevent cracking during the cold rolling, the changes of microstructure and properties of cold deformed SUS304 austenitic stainless steel in the different annealing process conditions were studied by tensile test, metallographic observation and other experimental method and means. The results show that at the same annealing time, as the annealing temperature increases, the strength decreases, the elongation first increases and then decreases, and the grain size gradually increases. When the annealing temperature is 1050 ℃, as the annealing time increases, the carbides gradually dissolve into the matrix, and the strength and elongation of the material continue to increase. When the annealing temperature is 1080 ℃, with the increasing of annealing time, the yield strength and tensile strength tend to decrease, while the elongation shows a trend of first increasing and then descending. In the entire annealing process, the comprehensive performance of SUS304 austenitic stainless steel is best at 1050 ℃×180 s.