AISI 317 L stainless steel replaces 316 L grade in some applications due to its superior mechanical strength and corrosion resistance. Aiming at expanding its applicability to structural applications, ongoing studies are dedicated to overcoming the trade-off between strength and ductility. The stacking fault energy decreases with deformation temperature and favors stacking faulting, (nano)twinning and strain-induced martensite (SIM) formation, resulting in severe microstructural fragmentation. The effect of temperature on deformation behavior of AISI 317 L steel was investigated in samples rolled at room temperature to thickness reductions of 50% and 85% and at 77 K to reductions in thickness of 10% and 50%. The microstructural evolution was followed by scanning electron microscopy, Vickers microhardness, X-ray diffraction, magnetization, electron backscatter diffraction (EBSD) and electron channeling contrast imaging (ECCI). The nucleation sites in the early stages of the transformation sequence γ → ε → α’ were identified in the 10% cryorolled sample. The highest volume fraction of α’-martensite reached 45.8% in the cryorolled steel to 50% rolling reduction. Much lower fractions were obtained for samples rolled to 10% reduction at 77 K (2%) and at room temperature to 50% (0.3%) and 85% reductions (1.6%). The texture components after cryorolling were Goss and Brass for austenite; rotated cube, α- and γ-fibers for δ-ferrite and α’-martensite. The ε-martensite presents the typical texture of hcp metals with a c/a ratio above the ideal value and 〈0001〉 − oriented tilted about 21° from the normal direction towards the rolling direction. The results show cryorolling as an effective method for enhancing SIM formation and promoting severe microstructural refinement in AISI 317 L stainless steel. Cryorolling at 77 K favors strain-induced martensite formation. Display omitted •Cryorolling at 77 K favors the formation of strain-induced martensite (SIM).•Dislocation slip and twinning are the main deformation mechanisms during rolling at RT.•KAM analysis indicates an equivalent strain partitioning among the phases.•Magnetic measurements quantified the volume fraction of α’-martensite.•The volume fraction of ε- and α’-martensite increases with strain.