The deformation behaviour of AISI 304L stainless steel was examined under uniaxial tension and shear deformation modes in the temperature range of 0–500°C. A linear relationship between the tensile and shear yield stresses was observed over the whole temperature range, which was in a good agreement with the predictions of the von-Mises criterion. The relationship between the ultimate shear and tensile strength values, however, showed three distinct temperature-dependent regimes. In the temperature ranges corresponding to the transformation-induced plasticity effect and the dynamic strain aging phenomenon, a deviation from the expected behaviour was observed, which was related to the dependency of these phenomena on the loading mode.