Since cross rolling promotes the transformation of austenite to deformation-induced α΄-martensite and increases the dislocation density in the retained austenite, the reversion/recrystallization annealing after cross rolling might be more effective to achieve finer grain sizes in metastable austenitic stainless steels. Accordingly, the effect of cold rolling route and annealing for grain refinement and improvement of mechanical properties of AISI 316 L stainless steel was systematically investigated in the present work. It was found and formulated that by increasing strain, the grain refinement efficiency during annealing is improved, the effect being more pronounced if the cold rolling step is applied by cross rolling instead of unidirectional rolling. The evaluation of tensile properties revealed that all cold rolling and annealing routes lead to significant improvements of mechanical properties in terms of strength and plasticity, the influence of cross rolling being more prominent again. Moreover, the cross rolling and annealing route led to a remarkable strength-ductility balance, which revealed the opportunities that this route can offer for the improvement of mechanical properties of austenitic stainless steels. Accordingly, the results of the present work may shed light on the further utilization of cold rolling route and annealing treatment.