The invention provides copper-tungsten-cobalt modified austenitic stainless steel and a processing and heat treatment method thereof. The austenitic stainless steel is prepared from, by mass, smallerthan or equal to 0.03% of C, 8.0%-10.0% of Ni, 18.0%-20.0% of Cr, smaller than or equal to 0.76% of W, 0.2%-0.8% of Cu, 0.1%-0.5% of Co, smaller than or equal to 2.0% of Mn, smaller than or equal to 1.0% of Si, smaller than or equal to 0.035% of P, smaller than or equal to 0.030% of S and the balance Fe, wherein W is larger than or equal to 15.3*C and smaller than or equal to 15.3*C+0.3. The processing and heat treatment method comprises the steps of hot-deformation cogging, cold deformation, WC crushing and dispersing, high temperature solution treatment and grain coarsening. Under the oxygenfeeding condition, the corrosion current density in a 0.5 mol/L H2SO4 electrolyte containing 5*10<-6> F<-1> at 80 DEG C ranges from 1.09 microamperes/cm<2> to 2.13 microamperes/cm<2>, and the corrosion current density is equal to that of a stainless steel bipolar plate material with a surface coating. The austenitic stainless steel has the advantages of being low in hardness and high in extension, and forming of a bipolar plate runner is facilitated.