The tensile properties of high manganese austenitic stainless steel with the two phase structures of deformation-induced martensite and reversed austenite were studied. Reversed austenite with an ultra-fine grain size of less than $0.3{mu}m$ was obtained by reversion treatment. The two phases structures of deformation-induced martensite and reversed austenite were obtained by an annealing treatment in the range of $500^{circ}C-700^{circ}C$ for various times in 70% cold- rolled high-manganese austenitic stainless steel. The volume fraction of the reversed austenite increased rapidly with increases in the annealing temperature and time. In the stainless steel with the two phases of austenite and martensite, the strength decreased rapidly, while the elongation increased slowly and then rapidly increased with an increase in the volume fraction of the reversed austenite. Therefore, the strength and elongation were strongly controlled by the volume fraction of reversed austenite. A good combination of high strength and elongation could be obtained by the mixed structure of reversed austenite and deformation-induced martensite.