Fully degradable stents that temporarily support healing tissue can solve potential long-term complications associated with permanent implants. In this study, we investigate austenitic high-manganese high-carbon steels as promising candidates for such biodegradable stent applications. The microstructural characteristics and mechanical properties of the Fe–Mn–C steels were systematically analysed to assess their suitability for this purpose. A series of four austenitic Fe–Mn–C steels with varying manganese (15 and 30 wt%) and carbon (0.6–1.0 wt%) content were processed by vacuum induction casting, annealing and hot forging. Microstructural analysis was performed, and the hot forged materials were further evaluated using ultrasound, macro hardness, and (stopped) quasi-static tensile tests to assess stent-related parameters. In contrast to the as-cast state, the hot forged steels exhibited high chemical homogeneity, as was found by energy-dispersive X-ray spectroscopy (EDXS). Electron backscatter diffraction (EBSD) revealed comparability between the four steels regarding their annealing twin fractions and grain size distributions. An austenitic microstructure was revealed for all modifications by transmission X-ray diffraction (XRD), except Fe–15Mn–0.6C, which displayed a minor ε–martensite fraction. Reducing manganese from 30 to 15 wt% resulted in favourable effects, including a higher Young's modulus, lowered offset yield strength, and an increased ultimate tensile strength due to larger strain hardening while preserving a high total elongation. However, reducing the carbon content to 0.6 wt% diminished the mechanical performance due to reduced solid solution strengthening and the ε–martensite formation. Among the investigated steels, the novel Fe–15Mn–0.8C alloy exhibited the most attractive combination of the studied properties for potential stent applications.