The effect of electropulsing treatment (EPT) in liquid nitrogen (LN) on the microstructure and mechanical properties of cold-rolled 316L austenitic stainless steel was assessed, aiming at tensile properties of the EPT-LN treated cold-rolled 316L steel at room and cryogenic temperature, and the relevant deformation mechanisms. It is found that the LN-EPT could induce recrystallization of the cold-rolled 316L stainless steel. The recrystallization ratio is dependent upon the EPT energy input, and after being treated by EPT-7.5LN with discharge voltage of 7.5 kV, the 316 steel presents a fully recrystallized microstructure. The EPT-LN treated steels exhibit significantly higher strength-ductility synergy when they were deformed at 77 K rather than at 293 K. The TEM observation result of the deformed steel revealed that the main mechanisms related with the tensile deformation of 316 steel at 293 K were mainly of dislocation slip and deformation twinning, however, there exist a large amount of deformation-induced martensite transition for that at 77 K. The martensite transitions and their subsequent deformation result in a significant increase in the strain hardening capability, thereby enhancing the strength-ductility synergy. Further analysis shows that the deformation mechanism transition is mainly caused by the significant reduction of stacking fault energy of the steel at low temperatures.