This work demonstrates how the deformation of a medium Mn austenitic stainless steel and its subsequent thermal treatment results in the steel having an ultra-high flow stress, and with a microstructure containing strain-induced martensite (α′) and G-phase precipitates. A 14 wt.%Cr-8 wt.%Mn-1 wt.%Ni austenitic stainless steel was uniaxially compressed at room temperature and quasi-static strain rates to determine the evolution of strain-induced martensite with strain. Uniaxial compression resulted in a sigmoidal stress-strain curve (enhanced work-hardening) with the flow stress reaching ∼2.2 GPa, and the α′ fraction saturating at 0.8 true strain. Atom-probe tomography showed that aging at 400 °C for 72 h formed 2–3 nm sized G-phase precipitates containing Cu-rich clusters and having a nominal composition of Ni8Si2Mn20Cu17Cr8Fe44. Such a microstructure resulted in a steel with an ultra-high tensile strength and a compressive flow stress of around 2 GPa. Though the tensile ductility was low, there was sufficient flowability in compression.