In this paper, a Cr coating was prepared by induction heating and pack-cementation chromizing on AISI 304 austenitic stainless steel. Then, the cold-rolling deformation and annealing treatment were introduced to refine the coarse matrix grains caused by pack-chromizing and improve the overall performance of 304 austenitic stainless steel. The phase composition, element distribution, and microstructure of the coating were carefully characterized. The microhardness, wear resistance, and corrosion resistance of the coating were tested. The results show that the Cr coating with a thickness of 100 μm is mainly composed of a (Cr,Fe)23C6, (Cr,Fe)7C3, and α-Fe-Cr solid solution. After the cold-rolling deformation and subsequent annealing treatment, the grains are significantly refined and the Cr coating is divided into two layers, consisting of carbon-chromium compounds such as Cr23C6, Cr7C3, Cr2C, and Cr3C2 in the surface layer and a Fe-Cr solid solution in the subsurface layer. The cold-rolling deformation and annealing treatment significantly improved the microhardness and wear resistance of the coated sample, and the corrosion resistance was also better than that of the uncoated sample.