A Cr–Mn–Ni–N series high strength metastable austenitic stainless steel (14Cr10Mn) was used to investigate the effect of cold rolling reduction on mechanical properties at various low testing temperatures. Microstructures of tested samples were observed by transmission electron microscope (TEM) and electron back scatter diffraction (EBSD) at the gauge section. The experimental results show that the size of the rib-like α′- martensite formed during tensile testing is sensitive to temperature but insensitive to cold rolling reduction. The results also show that tensile strength is more sensitive to temperature than yield strength, while the effect of cold rolling is completely opposite. The cold rolling inhibits the martensite transformation kinetics of the tensile process after promoting it at a certain temperature condition, and the promotion effect reaches a maximum value approximately 4% when the cold rolling reduction is 10%. However, it also suppresses the α′- martensite content finally formed during tensile testing due to the high stress-strain state when the cold rolling reduction exceeds 10%, while a larger cold reduction promotes the production of α′- martensite. In addition, lowering temperature can effectively promote the formation of ε-martensite at the end of the Stage I of work hardening, and becomes a transitional phase of subsequent transformation to α′- martensite, which directly leads to the enhancement of strength in the stage II of work hardening.