The deformation and annealed microtextures were studied in 304L and 316L stainless steels subjected to plate rolling at temperature of 200°C followed by annealing at 700°C for 30-480 min. The evolution of the microstructure and microtexture during rolling at 200°C is associated with the development of deformation twinning and micro-shear banding. Note that martensitic transformation took place in 304L steel during rolling, resulting in martensite fraction about 0.25 after 95% rolling reduction, whereas it hardly developed in 316L steel. The rolled austenite microtexture consisted of mainly Brass, Goss and S components, while the strain-induced martensite exhibited a strong {112}(110) texture component along with maximums of intensity along y-fiber. The subsequent annealing was accompanied by the austenite reversal and grain growth during continuous recrystallization, which developed faster in 304L. The textural changes were qualitatively the same in the both steels and depended on the annealing time.