Deformation behavior and structural changes were studied in a 304-type austenitic stainless steel subjected to large strain multiple forging at an ambient temperature. The number of forging passes was 10, leading to the total cumulative strain of 4.0. The yield stress rapidly increased to about 1000 MPa after the first forging pass and then gradually approached a saturation level of about 2000 MPa in large strains. The grain/subgrain size decreased to about 50 nm at total strain of about 2. This grain/subgrain size reduced a little upon further processing; and comprised 35 nm after a total strain of 4.0. The fast kinetics for grain refinement was associated with deformation twinning and strain-induced martensitic transformation. The both of them resulted in fast grain subdivision at relatively small strains.