Corrosion is a process that causes a change of metal to chemically stabled form, by reacting with a solution or with the atmospheric air. There are various types of corrosions such as crevice corrosion, intergranular corrosion, stress corrosion, pitting corrosion, galvanic corrosion and uniform corrosion. These types of corrosion and the prevention methods are investigated in this review paper. Stainless steel 316 has excellence in corrosion resistance, due to the presence of molybdenum content. From the literature survey, stainless steel 316 has been tested in various experiments to improve the properties of the material. In the present review, several coating processes and additives which are added on SS 316 to improve the material properties are studied. The advantages of these improvements are reduced cost of change of material, reduced loss of material due to corrosion and increase in materials durability. Hence, stainless steel 316 is used for all corrosion applications which causes less damage and high durability compared with other austenitic steels.