For the first time, transmission electron microscopy is applied to the study of stainless steel specimens subjected to prolonged high-frequency (50 MHz) external hydrodynamic effects (EHDE) under high pressure (2-3 GPa) in a device of special design. It is found that, due to EHDE, the solid surface layer of the steel, up to 100 µm thick, undergoes a strain-induced martensitic transformation with the appearance of a finely twinned -and ɛ-phase crystal structure. In the following intermediate layers located at a depth of 100 to 200 µm, traces of fragmentation with a dislocation and twinned substructure inside the austenite grains are found, which are caused by work hardening of austenite in the process of direct and reverse -ɛ- martensitic transformation. The features of -austenite, ɛ-and -martensite microstructures are studied in detail. It is concluded from the analysis of the obtained and known data that thermo-, baroand elastic-plastic mechanisms of martensitic transformations take place under multicycle highfrequency external effects. The martensitic transformation must be accompanied by baro -and magnetocaloric exothermal effects, by direct martensitic transformation and, consequently, endothermic effects during reverse transformation.