This study addresses the effect of plastic deformation on the dissolution corrosion behavior of a Type 316L austenitic stainless steel. Dissolution corrosion was promoted by low oxygen conditions in liquid lead-bismuth eutectic (LBE). Specimens with controlled degree of plastic deformation (20%, 40%, and 60%) and a non-deformed, solution-annealed specimen were simultaneously exposed for 1,000 h at 500°C to static LBE with low oxygen concentration ([O] < 10−11 mass%). The corroded specimens were analyzed by various material characterization techniques. All exposed specimens exhibited dissolution corrosion. The non-deformed steel showed the least dissolution attack (maximum depth: 36 μm), while the severity of attack increased with the degree of steel deformation (maximum depth in the 60% steel: 96 μm). It was, thus, concluded that increasing the amount of plastic deformation in a Type 316L stainless steel results in higher dissolution corrosion damages for steels exposed to low oxygen LBE conditions. Additionally, it was observed that the presence of chemical bands and δ-ferrite inclusions in a Type 316L steel affected its dissolution corrosion behavior.