The invention discloses a degaussing method and a device in a machining deformation process of austenitic stainless products. An alternating current is adopted, an alternating magnetic field and attenuation degaussing conditions of the alternating magnetic field are provided, and deformation of the stainless products is conducted in the alternating magnetic field. Meanwhile, the invention discloses a degaussing device for a production line of stainless steel wires. The device comprises an alternating-current transformer, a drawing die and a straightening metal wheel, wherein the straightening metal wheel is connected with a positive pole of the alternating-current transformer, an outlet end of the drawing die is connected with a negative pole of the alternating-current transformer, and the alternating-current transformer supplies the alternating magnetic field for the stainless steel wires through the straightening metal wheel and the drawing die. On-line degaussing in the preparation process of the stainless products is achieved through the degaussing method and the device, production processed are reduced, preparation process is shortened, a degaussing effect which is the same with an effect with the element of nickel (Ni) added to stabilize austenitic stainless steel is achieved, the content of the element of Ni with high price is replaced by low-cost investment, and cost of raw materials of the stainless products is reduced.