The effects of strain and alloy composition on some important properties of 316L stainless steel fibre are discussed in this paper. The experimental results show that alloying element content influence the austenitic stability of stainless steel. The lower the element content, the poorer the austenitic stability. The main reason for adjusting the alloy content of stainless steel fibre is to inhibit unstable austenite transformation into martensite under strain.