Some new magnetic properties would be produced during processing for the stainless steel fibers. The magnetic parameters had been obtained through a systemic testing and microstructure observation by XRD for the stainless steel fibers. The results showed that the change of composing phases, the internal stress and the microstructure had insignificant effects on the magnetic properties for the stainless steel fibers. It was important to optimize the processing parameters and to expend the application fields for the stainless steel fibers.