Room temperature tensile test results of solution annealed 304 stainless steel at strain rates ranging between 5 x 10(-4) and 1 x 10(-1) s(-1) reveal that with increase in strain rate yield strength increases and tensile strength decreases, both maintaining power-law relationships with strain rate. The decrease in tensile strength with increasing strain rate is attributed to the lesser amount of deformation-induced martensite formation and greater role of thermal softening over work hardening at higher strain rates. Tensile deformation of the steel is found to occur in three stages. The deformation transition strains are found to depend on strain rate in such a manner that Stage-I deformation (planar slip) is favoured at lower strain rate. A continuously decreasing linear function of strain rate sensitivity with true strain has been observed. Reasonably good estimation for the stress exponent relating dislocation velocity and stress has been made. The linear plot of reciprocal of strain rate sensitivity with true strain suggests that after some critical amount of deformation the increased dislocation density in austenite due to the formation of some critical amount of deformation-induced martensite plays important role in carrying out the imposed strain rate.