AISI 304 metastable austenite stainless steel was cold rolled under cryogenic temperature and transformed' into martensite completely, after reverse transformation by annealing, bulk nano/ultrafine grained material was obtained. The material's microstructure was observed by TEM, and the corrosion resistance was studied by polarization curve, EIS, and Mott-Schottky plot. Results showed that samples cold rolled at - 120 degrees C had an equiaxed microstructure and displayed the best corrosion performance. The distinctive polarization curve shape indicated that its passive film had a peculiar feature, and the M-S plot showed its abnormal semiconductor character. XPS measurements are used to directly characterize the composition of passive film formed on specimens. Heterogeneous microstructures might help with the improvement on corrosion resistance of the nano/ultrafine grained stainless steel.