The present work investigates the effect of rolling (90% thickness reduction) on phase transformation, mechanical properties, and corrosion behaviour of 304L-austenitic stainless steel through cryorolling and room temperature rolling. The processed steel sheets were characterised through X-ray diffraction (XRD), electron backscattered diffraction (EBSD), and vibrating sample magnetometer (VSM). The analysis of XRD patterns, EBSD scan, and vibrating sample magnetometer results confirmed the transformation of the austenitic phase to the martensitic phase during rolling. Cryorolling resulted in improved tensile strength and microhardness of 1808 MPa and 538 VHN, respectively, as compared to 1566 MPa and 504 VHN for room temperature rolling. The enhancement in properties of cryorolled steel is attributed to its higher dislocation density compared to room temperature rolled steel. The corrosion behaviour was assessed via linear polarisation corrosion tests. Corrosion resistance was found to decrease with increasing rolling reduction in both room temperature rolled and cryorolled specimens.