Abstract: Taking the traditional 304 Austenitic stainless steel and new 304X Austenitic stainless steel with low nickel content as the research objectives, the yield strength, tensile strength, impact toughness at different temperatures and corrosion rate at room temperature of 304 and 304X were tested by mechanical and corrosion test methods. The results show that the new Austenitic stainless steel with low cost nitrogen partially replacing expensive nickel has high strength and excellent toughness at room temperature, but its low temperature toughness is insufficient. The new Austenitic stainless steel 304X has corrosion resistance comparable to 304 and a better tendency to resist intergranular corrosion. This makes it have a good application prospect in some conditions with high strength and low temperature toughness.