AISI 321 stainless steel is widely used in chemical pipelines and nuclear power, prompting research on its high-temperature performance and corrosion resistance. This review focuses on the effects of alloy elements, second-phase particle formation, and heat treatment processes on the microstructure and properties of AISI 321 stainless steel. Fine tuning of alloying elements can affect the mode and effect of dynamic recrystallization, altering the high-temperature flow deformation of AISI 321 stainless steel. In order to achieve phase equilibrium, the relationship between corrosion resistance and high-temperature creep behavior and high-temperature mechanical behavior in the presence of second-phase particles was also analyzed. This review outlines the basic heat treatment procedures for improving material properties, providing a new perspective for solution treatment and improving corrosion resistance. In addition, the latest research progress on other factors affecting the high-temperature performance of AISI 321, such as coatings, was briefly introduced.