In this paper the results of modelling of radial-shear rolling process of austenitic stainless steel AISI-321 are presented. The simulation in Simufact Forming program complex was performed. The conditions of simulation for radial-shear mill SVP-08 of Rudny industrial Institute were adopted. The various parameters of stress-strain state (effective plastic strain, effective stress, mean normal stress and Lode-Nadai coefficient) and also microstructure evolution with rolling force were considered. It is revealed that radial-shear rolling is an effective process for obtaining of high quality round billets from stainless steels of austenitic class.