In view of the significant advantages offered by semi-solid processing, such as reduction in number of intermediate processing steps and energy input, and the potential for improving component complexity, it is of paramount interest to develop indigenous technology for semi-solid forming of steels, especially nuclear grade steels. For adopting semisolid processing as an alternative method of manufacturing of steels, it is essential to study the amenability of the steel for the process, understand the fundamental mechanisms of micro structural evolution and evaluate the mechanical properties of the steel after processing. To achieve this goal, the present work attempts to appraise the amenability of a low-carbon variant of 18%Cr-8%Ni austenitic stainless steel (304L SS) for semi-solid processing. Among the many requirements of the feedstock in semi-solid processing, a key feature that makes it amenable for semi-solid processing is the unique microstructure containing solid spheroids in a liquid matrix, thereby enabling thixo-tropic behaviour in the alloy. To understand the micro structural evolution in the steel, during major steps of semi-solid processing (partial melting, soaking and solidification), several experiments are carried out by varying the key parameters such as temperature, soaking time and cooling rate. Experimental results are analyzed in details to specify the effects of these parameters on the microstructure of semi-solid processed steel. The analysis indicates different phase transformation sequences during solidification of the steel from its semi-solid state. On the basis of experimental results, mechanism for micro structural evolution during partial melting and subsequent solidification of 304L SS is proposed. The effect of soaking time on the size and shape of the solid globules is analyzed using the theory of anisotropic Ostwald ripening. The semi-solid processing parameters, such as soaking time and temperature, are found to have significant influence on the globule distribution, globule shape, ferrite distribution and dislocation density, which in turn govern the tensile behaviour and mechanical properties of the steel after processing. Semi-solid processed 304L SS exhibits lower yield strength, ultimate tensile strength and higher strain hardening in temperature range 303–873K compared to as-received (rolled and subsequently annealed) 304L SS. However, semi-solid processed steel shows higher uniform elongation and fracture strain compared to the as-received steel. A pronounced effect of semi-solid processing is also found on the high temperature plasticity and dynamic recrystallization pattern. This work demonstrates the amenability of 300 series austenitic stainless steels for semi-solid processing. The investigation provides the significant insight into the mechanism of micro structural evolution in austenitic stainless steels during semi-solid processing and the important information on the mechanical properties and plastic flow behavior of the semi-solid processed steel. The results give crucial inputs for the optimization of processing parameters for obtaining the desired property in the product, and also for deciding the potential industrial application of the process.