Abstract: The effects of one-step and two-step cold rolling schedule on deep drawability and texture of ferritic stainless steel were investigated comparatively. The results showed that the high average plastic strain ratio rm=1.92, especially the diagonal r-value at 45° which is higher than either longitudinal or transverse r-value were achieved after the one-step cold rolling with a percentage reduction up to 90%. Thus, the value of planar anisotropy parameter Δr becomes negative, i.e., Δr=-0.31. With the total reduction kept constant, the average r-value of the sheet as the products from the two-step cold rolling fluctuates little(rm=1.90) with Δr=0.14, a very small value. The analysis results of recrystallization texture revealed that in the sheet from one-step cold rolling an intensified γ texture forms, and its peak value deviates from {111} axial orientation but shift to the orientation {223}<582>. However, in the sheet from two-step cold rolling a homogeneous γ recrystallization texture forms.