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Precipitation phenomena in Type 316L and 304L stainless steels were studied mainly by transmission electron microscopic (TEM) observations after cold-rolling ranging from 0% (as solution annealed) to 80% reduction in thickness,and then by sensitization treatment. Precipitates were identified by electron diffraction analysis and EDS analysis.Precipitates observed in sensitized 316L stainless steel were sigma and chi phases, whereas carbide and sigma were observed in sensitized 304L stainless steel. Recrystallized grains were formed in 30% cold-rolled and sensitized 304L.However, the tendency toward recrystallization in sensitized 316L was much lower than in 304L. Precipitation of sigma and chi phases was accelerated by cold-rolling and they were observed at grain boundaries in lower cold-rolling; they were also seen, in grain interiors in higher cold-rolling. Higher deformation induced partially recrystallization combined with precipitation, resulting in the formation of heterogeneous microstructures.