This investigation has been carried out to make clear the effect of deformation temperature, strain rate and grain size on the tensile properties of 304L stainless steel. Tensile properties of the metastable austenitic 304L steel remarkably influenced by deformation temperature. Tensile strength increased with decreasing deformation temperature and the elongation showed maximum value near $40^{circ}C$. In order to obtain the high elongation, a large amount of deformation is available in austenite before martensitic transformation and the martensite has to be induced gradually. Tensile strength and elongation increased with decreasing grain size. The temperature representing the maximum elongation shifted to low temperature and the peak width of elongation became broaden with decreasing austenite grain size. The volume fraction of strain induced martensite decreased with decreasing austenite grain size. As the strain rate increase, the temperature representing the maximum elongation value shifted to high temperature and volume fraction of strain induced martensite decreased.