Abstract: Disclosed herein is a high strength austenitic stainless steel with excellent corrosion resistance even in oxidative enviroments, and a method for producing such stainless steel, in which the kinds and proportions of the component elements are strictly restricted, especially limiting the contents of C and N to achieve solution strengthening while preventing degradations in corrosion resistance and defects of steel ingots which would be caused if they are added excessively. Besides, V is added under coexistence with Cr and Ni to increase the strength by precipitation of carbides and nitrides of V while preventing production of Cr carbides.