For a purpose of providing a high strength and toughness stainless steel strip having not only a high strength of at least 1800 N/mm.sup.2 but also a high Erichsen break stress, which is a measure of toughness of a thin sheet, of as high as at least 1000 N/mm.sup.2, there is provided a stainless steel strip consists essentially of in mass % C: up to 0.1%, (exclusive of 0%); Si more than 1.0% and not more than 4.0%; Mn: up to 5.0% (exclusive of 0%); Ni: from 4.0 to 10.0%; Cr :from 12.0 to 18.0%; Cu :up to 5.0% (inclusive of 0%); Mo: from 1.0 to 5.0%; N: up to (exclusive of 0%); the balance being Fe and impurities with the proviso of C+N.gtoreq.0.1%, and wherein the alloying elements are adjusted so that a value of Md(N)