Stainless steels are important in various industries due to their unique properties and durable life cycle. However, with increasing demands for prolonged life cycles, better mechanical properties, and improved residual stresses, new treatment techniques, such as deep cryogenic treatment (DCT), are on the rise to further push the improvement in stainless steels. This study focuses on the effect of DCT on austenitic stainless steel AISI 304L, while also considering the influence of solution annealing temperature on DCT effectiveness. Both aspects are assessed through the research of microstructure, selected mechanical properties (hardness, fracture and impact toughness, compressive and tensile strength, strain-hardening exponent, and fatigue resistance), and residual stresses by comparing the DCT state with conventionally treated counterparts. The results indicate the complex interdependency of investigated microstructural characteristics and residual stress states, which is the main reason for induced changes in mechanical properties. The results show both the significant and insignificant effects of DCT on individual properties of AISI 304L. Overall, solution annealing at a higher temperature (1080 °C) showed more prominent results in combination with DCT, which can be utilized for different manufacturing procedures of austenitic stainless steels for various applications.