A comparison of the effects of wavy rolling and cold rolling on microstructure variation, phase evolution, tensile and magnetic properties of a thin coil of Fe-18.47Cr-8.10Ni-0.94Mn austenitic stainless steel was made at room temperature. Wavy rolling led to strengthening with no change in magnetic property and thickness, unlike the conventional cold rolling that changed all these properties by deformation induced martensitic transformation, in addition to substructure evolution. The yield strength of 413 MPa and magnetic saturation 3.7 emu/g under mill-annealed condition increased, respectively, to 1208 MPa and 11.8 emu/g, upon four cycles of wavy rolling. While the maximum yield strength of 1790 MPa could be achieved by combining this stage of four cycles of wavy rolling with subsequent 50% conventional cold rolling, the magnetic saturation increased to 73.3 emu/g by deformation induced martensitic transformation caused by the latter. © 2015 Taylor & Francis.