The effect of Cr and Ni element segregation on austenite stability and deformation mechanisms of nano/ultrafine-grained 304 stainless steel obtained by cryogenic rolling plus annealing treatment was systematically studied. The results showed that the nano/ultrafine-grained steel had a good combination of strength and ductility (yield strength ∼896 MPa, tensile strength ∼977 MPa, and elongation ∼39.6%). According to the findings, the formation of Cr segregation in the body-centered cubic structure at the intersection of austenite grain boundaries and localised austenite grains with low Ni content reduced the austenite stability of the nano/ultrafine-grained steel and promoted the generation of strain-induced martensite during plastic deformation, resulting in the deformation mechanism dominated by the transformation-induced plasticity effect.