The relationship between the microstructural changes and the yield strength of a 316L austenitic stainless steel subjected to plate rolling at temperatures of 200 and 300°C with 40, 65, 85 and 95% rolling reductions was studied. The structural changes during rolling at studied temperatures were characterized by the development of deformation twinning and micro-shear banding that led to a reduction of the transverse grain size. The martensitic transformation hardly developed during rolling at 200°C, when the martensite fraction did not exceed 5% after 95% rolling reduction, and did not occur at all during rolling at 300°C. The grain refinement was accompanied by an increase in the yield strength from 670 to 1240 MPa depending on the rolling regimes. The shape of the stress-strain curves also strongly depended on the rolling temperature and reduction. The shape of the stress-strain curve was characterized by a long plateau-like region right after yielding in the samples subjected to rolling at 300°C with 40 and 65% rolling reductions. A decrease in the rolling temperature and/or increase in the rolling reduction shortened plateau region followed by its disappearance. The effect of rolling conditions on the evolved microstructures and the mechanical properties is discussed in some detail.