This study has evaluated the effect of different levels of cold rolling (from 0 to 50%) on the microstructural, magnetic, and mechanical properties and the corrosion behavior of 316L austenitic stainless steel in NaCl (1 mol/L) + H₂SO₄ (0.5 mol/L) solution. Microstructural examinations using optical microscopy revealed the development of a morphological texture from coaxial to elongated grains during the cold-rolling process. Phase analysis carried out on the basis of X-ray diffraction confirmed the formation of the ferromagnetic α'-martensite phase under the stresses applied during cold rolling. This finding is in agreement with magnetic measurements using a vibrating sample magnetometer. Mechanical properties determined by tensile and Vickers microhardness tests demonstrated an upward trend in the hardness-to-yield strength ratio with increasing cold-rolling percentage, representing a reduction in the material’s work-hardening ability. Uniform and localized corrosion parameters were estimated via potentiodynamic polarization corrosion tests and electrochemical impedance spectroscopy. In contrast to the uniform corrosion, wherein the corrosion current density increased with increasing cold-working degree because of the high density of microstructural defects, the passive potential range and breakdown potential increased by cold working, showing greater resistance to pit nucleation. Although pits were formed, the cold-rolled material repassivation tendency decreased because of the broader hysteresis anodic loop, as confirmed experimentally by observation of the microscopic features after electrochemical cyclic polarization evaluations.