The sizes and morphologies of nonmetallic inclusions, microhardness, tensile strength, and Charpy impact toughness in AISI 202 stainless steel with different Ce contents were synthetically analyzed by means of SEM, TEM, microhardness tester, and tensile and Charpy impact tests. Effects of Ce addition on the corrosion behavior were investigated in 5 wt.% H2SO4 solution for different periods of time through measuring AC impedance. The EIS measurements indicate that the steels with Ce addition exhibit higher R p values than those without Ce, which illustrates the relative resistance to uniform corrosion is accompanied by an increasing Ce addition. Ce addition to AISI 202 stainless steel improves its uniform corrosion resistance owing to metamorphic inclusions and the improvement of electrode potential in matrix. Upon increasing Ce addition, the indentation morphology of samples transfers from sink-in types to pile-up types, explaining good machinability of steels containing Ce. It is witnessed from the fracture mode that Ce refines the grain size of steels, significantly increasing the strength; in the meantime, its plasticity is improved, thereby solving the contradiction between the strength and the plasticity of steels. It is concluded that AISI 202 stainless steel with 0.016 wt.% Ce addition in the mass fraction has the best mechanical properties and the uniform corrosion resistance.