To avoid cracks during hot rolling, a short process of direct cold rolling following solution treatment of the casting billet for preparing lean duplex stainless steel plates is proposed. The effect of cold rolling reduction on the microstructure, texture, and mechanical properties of UNS S32101 is investigated. The results show that dislocation slip is the main character in ferrite, which leads to dislocation tangles, dislocation cells, high‐density dislocation walls, and deformed microbands. However, twinning and strain‐induced martensite transformation (SIMT) occur in austenite, and the SIMT mechanism of austenite follows the classical model γ → ε → α′ and γ → α′, with the orientation relationship of Kurdjumov–Sachs ( and ) and Nishyama–Wassermann (N–W) ( and ). Meanwhile, at 50%, there is a transition from Cu texture to Brass texture in the austenite phase. At 12.5%, the yield strength is 344 MPa higher than that of the traditional hot rolling process, and the elongation remains about 35%. With the increasing cold rolling reduction, the elongation decreases while the strength rises significantly. Strengthening dislocations, fine‐tuning grains, and SIMT are the primary contributors to the improvement in strength.