The deformation behavior of high-chromium steel (0.4%C-0.6%Si-0.55%Mn-12.5%Cr) of martensitic structure upon quenching and of sorbitic structure upon high-temperature tempering has been investigated. Each of the states is shown to be represented by a particular stress-strain curve. The stress-strain curve for the steel in the martensitic state consists of a single linear-hardening stage, whereas in the sorbitic state, it exhibits a three-stage deformation pattern. The plastic flow of the examined material in the two states has been found to be of a localized character. The evolution of localized-strain center distributions follows the law of plastic flow, i.e., it depends on the deformation stages in the stress-strain curve. The fracture process is determined by the kinetics of the localized-strain centers in the final (prefracture) deformation stage in the stress-strain curve.