Cryogenic characteristics of austenitic stainless steel based on 304 steel with nickel and nitrogen were investigated at room temperature and $-196^{circ}C$. The alloys were fabricated by vacuum arc furnace and cold working after homogenization treatment. The addition of nickel and nitrogen decreased the stability of $delta$-ferrite and induced the stability against the formation of martensite to result significantly in enhancing ductility at $-196^{circ}C$. Nitrogen reduced Md temperature, which was beneficial to the tensile strength and elongation at $25^{circ}C$ and -196$^{circ}C$.