Understanding phase transformations and hardening mechanisms in metallic materials, including ultra-high-strength stainless steels, is essential for the modernization and advancement of technologies of interest, particularly in the aerospace and aeronautical industries. This understanding has the potential to efficiently drive the development of new materials and new processing routes. The content of this work aims to understand the correlation between physical and metallurgical phenomena and the resulting mechanical properties from the induction of martensite by cold deformation and its reversion to austenite in a 17-7 PH stainless steel, a semi-austenitic stainless steel capable of hardening through precipitation, strain hardening, and phase transformation. Samples of this material, known for its high mechanical strength and complex heat treatment processes, were subjected to cold rolling with a reduction of up to 90% of the original thickness. These samples were then subjected to isothermal aging treatments at 482°C for different periods. Other samples were heated up to 600°C in differential scanning calorimetry (DSC) analyses, aiming to investigate the occurrence of phenomena such as the reversion of deformation-induced martensite to austenite. Various microstructural characterization techniques were used to characterize the rolled and heat-treated samples, including X-ray diffraction (XRD), scanning electron microscopy (SEM), electron backscatter diffraction (EBSD), and Vickers microhardness testing. The results obtained allowed for an understanding of the correlation between the three hardening mechanisms (strain hardening, deformation-induced martensite induction, and precipitation during aging) and the evolution of the material's properties. It was observed that the material's mechanical properties, along with the phase transformations from austenite to martensite, evolved satisfactorily as the samples were rolled, reaching normalization of properties and phase transformations at thickness reductions close to 70%. No reversion of martensite to austenite was observed during the isothermal aging treatments or during DSC analyses up to 600°C. This correlation provided a better understanding of the concepts involved in these phenomena and facilitated the comprehension of the mechanical processing route for 17-7 PH stainless steel.