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Materials with submicron to nanometer-sized grains by virtue of their high grain boundary area to grain size ratio provide valuable tools for studying deformation behavior in ultrafine-grained structures. In this regard, the well-known strain-induced martensite transformation and its reversal to the parent austenite phase were used to produce nanograins/ultrafine grains via controlled annealing of heavily cold-worked metastable austenite. The results of the electron microscopy study of phase-reversion-induced microstructure and deformation behavior of nanograined/ultrafine-grained (NG/UFG) austenitic stainless steel during tensile straining are described here. The phase-reversion-induced structure was observed to depend on the cold rolling reduction and temperature-time annealing cycle. The optimized structure consisted of nanocrystalline (d < 100 nm), ultrafine (d % 100 to 500 nm), and submicron (d % 500 to 1000 nm) grains and was characterized by a high yield strength (800 to 1000 MPa)-high ductility (30 to 40 pct) combination. Austenite nucleation during phase-reversion annealing occurred in the form of thin plates or as equiaxed grains along the martensite laths. Twinning and dislocation glide were identified as the primary deformation mechanisms, where twinning had a varied character. However, the high elongation seems to be associated with the gradual transformation of metastable austenite, with twinning having only a minor contribution.