The effect of subzero treatment on the mechanical properties of cold rolled high manganese austenitic stainless steel was investagated. α`-martensite was formed by cold rolling, and it was formed with surface relief and specific direction or crossing each other. The volume fraction of martensite increased by subzero treatment, and it was increased with longer time of subzero treatment and higher temperature of subzero treatment. The hardness and strength increased by subzero treatment, while the elongation decreased. With the increase of volume fraction of martensite, the hardness and strength was increased steeply with proportional relationship, elongation was decreased slowly. The results show that the hardness and strength was strongly controlled by the volume fraction of martensite, and the elongation was affected by transformation behavior of deformation induced martensite in the initial stage of deformation.