Strength properties of annealed austenitic stainless steels are relatively low and therefore improvements are desired for constructional applications. The reversion of deformation induced martensite to fine-grained austenite has been found to be an efficient method to increase significantly the yield strength of metastable austenitic stainless steels without impairing much their ductility. Research has been conducted during thirty years in many research groups so that the features of the reversion process and enhanced properties are reported in numerous papers. This review covers the main variables and phenomena during the reversion processing and lists the static and dynamic mechanical properties obtained in laboratory experiments, highlighting them to exceed those of temper rolled sheets. Moreover, formability, weldability and corrosion resistant aspects are discussed and finally the advantage of refined grain structure for medical applications is stated. The reversion process has been utilized industrially in a very limited extent, but apparently, it could provide a feasible processing route for strengthened austenitic stainless steels.