Microstructures and mechanical properties of Fe-15wt.%Cr-10wt.%Ni alloy ARB processed by various cycles were studied. The starting material showed lath martensite structure. However, the austenitic phase became stable by the high straining (ARB) above Af temperature. The volume fraction of austenitic phase greatly increased to around 90 % by 2 ARB cycles and nearly saturated at about 95 % after higher ARB cycles. The grain refinement progressed during the ARB, which leaded to the formation of ultrafine lamellar UFG austenitic microstructure with mean lamellar spacing of about 300 nm. The UFG Fe-Cr-Ni alloy performed both high strength and large elongation. Especially, the yield strength of the alloy ARB processed by 5 cycles reached to 900 MPa, and the total elongation was 40 %. The good ductility of the present specimens was attributed to the occurrence of transformation-induced plasticity (TRIP).