The article presents the mechanical properties of the austenitic stainless steel X5CrMnNiMoN16-4-4 after deformation by cold rolling and subsequent short-term tempering (deformation and partitioning (D&P) treatment). Tensile strengths of 1700–900 MPa and beyond were achieved both after work hardening and in the D&P-treated strip. The initial state of austenite in terms of grain size and pre-strengthening, as well as the selected cold rolling temperature significantly influenced the deformation-induced formation of α’ martensite and thus the flow and hardening behavior of the steel. The usage of two different rolling temperature regimes showed that the strength properties in the cold strip can be specifically adjusted. Lower deformation-induced martensite fractions enabled a larger thickness reduction of the strip without increasing the rolling force, while high deformation-induced martensite fractions led to strong hardening at low deformation levels. The D&P-treatment permits the strength of the cold-rolled strip with a predominantly austenitic microstructure to be increased to the required level. The total elongation of such a D&P strip was well over 2%. The D&P treatment of the spring steel strip is a cost-effective alternative to conventional tempering treatment.