The investigation addresses the influence of tensile deformation on the magnetic properties of 304SS samples in their as-received state as well as those with martensite content of 12 and 17%. Non-destructive electromagnetic techniques like magnetic Barkhausen emission (MBE) and magnetic hysteresis loop have been used to measure variation in MBE voltage and coercivity, respectively, during plastic deformation through tensile loading. As both the techniques use surface probe, the present investigation will be useful for in situ evaluation of structural components. With progressive plastic deformation, those measurements revealed different stages of deformation indicated by change in MBE signal and magnetic coercivity. The stages of magnetoelastic response, strain-induced martensitic transformation, dislocation pile-ups and formation of voids reflected different patterns of magnetic Barkhausen emission and magnetic coercivity variation with progressive straining of austenitic stainless steel samples. The changes in true strain with variation in martensite content along gauge length of fractured samples have been analyzed with respect to martensite transformation kinetics. Mathematical fitting methodology has been adopted to distinguish as-received and pre-strained martensitic transformation characteristics. In situ magnetic NDE and associated martensitic transformation parameters may be useful for structural health monitoring of in-service components. © 2020, ASM International.