The formation of submicrocrystalline structure during severe plastic deformation and its effect on mechanical properties of an S304H austenitic stainless steel with chemical composition of Fe – 0.1C – 0.12N – 0.1Si – 0.95Mn – 18.4Cr – 7.85Ni – 3.2Cu – 0.5Nb – 0.01P – 0.006S (all in mass%) were studied. The severe plastic deformation was carried out by high pressure torsion (HPT) at two different temperatures, i.e., room temperature or 400°C. HPT at room temperature or 400°C led to the formation of a fully austenitic submicrocrystalline structure. The grain size and strength of the steels with ultrafine-grained structures produced by cold or warm HPT were almost the same. The ultimate tensile strengths were 1950 MPa and 1828 MPa after HPT at room temperature and 400°C, respectively.