This paper investigates its mechanical properties at different strain rates and the uni-axial constitutive model of S30408 (S30408 known as 1.4301 in EN10088:1, 304 in ASTM standard) stainless steel. Firstly, the tensile and compressive mechanical properties of S30408 stainless steel were tested at four strain rates (0.001 s−1, 1000 s−1, 3000 s−1, 5000 s−1) by performing quasi-static tests as well as split Hopkinson tension bar (SHTB) and split Hopkinson pressure bar (SHPB) tests. Based on the tests, the stress-strain curves of S30408 stainless steel under tensile and compressive conditions at different strain rates were obtained. The results show that S30408 stainless steel revealed a significant strain rate strengthening effect, and there were some differences in the mechanical properties of S30408 stainless steel in tension and compression under different strain rates. Then based on these test results, a modified Johnson–Cook model was established under tensile and compression conditions. The accuracy of the proposed modified Johnson-Cook model was verified by the finite element software LS-DYNA. The modified model can provide a reference for the study of mechanical properties and computational simulation of S30408 stainless steel under high strain rate conditions such as impact and blast load.