Cold‐stretched pressure vessels made from austenitic stainless steel are widely used for storage and transportation of liquefied gases. Compared with conventional pressure vessels, cold‐stretched vessels have lots of advantages such as having thin walls, light weight, and low energy consumption. However, pressure vessels can be subjected to alternating loads at cryogenic temperatures, so it is important to investigate the fatigue characteristics of austenitic stainless steel for cold‐stretched vessels. This study presents the static and fatigue behavior of austenitic stainless steel 304 sampled from cold‐stretched pressure vessels in accordance with the American Society of Mechanical Engineers code. To compare the mechanical properties and fatigue behavior of austenitic stainless steel 304 in as‐received and cold‐stretched conditions (9 % strain level), tensile and fatigue crack growth tests were performed at room and cryogenic temperatures respectively. Fractography of the fractured specimens was carried out using a scanning electron microscope.