The behaviors of precipitation and recrystallization aging at 900 after cold work in a Fe-18Cr-12Mn-0.48N high-nitrogen austenitic stainless steel were investigated by means of optical microscopy (OM) and transmission electron microscopy (TEM). The results show that precipitation and recrystallization occur simultaneously after aging at 900 for 10min. The precipitates firstly appear at dislocation, sub-boundary and inside the subgrain. Precipitation at these positions hinders the formation of recrystallization nucleus. With aging time increasing, precipitates appear in the recrystallized grain boundary and inside the grain. Precipitation at these positions hinders the growth of the recrystalized grains.