The present specification discloses a low-cost austenitic stainless steel of high strength and high formability and a method for manufacturing the same. According to an embodiment of the disclosed high-strength, high-forming, low-cost austenitic stainless steel, in wt%, C: more than 0% and 0.08% or less, N: 0.2 to 0.25%, Si: 0.8 to 1.5%, Mn: 8.0 to 9.5%, Cr: 15.0 to 16.5%, Ni: more than 0% and 1.0% or less, Cu: 0.8 to 1.8%, the balance Fe and other unavoidable impurities, and the following formulas (1) to (4) are satisfied. (1) Ni+0.47Mn+15N ≥ 7.5 (2) 23(C+N)+1.3Si+0.24(Cr+Ni+Cu)+0.1Mn ≥ 12 (3) 551-462(C+N)-9.2Si-8.1Mn-13.7Cr-29(Ni+Cu) ≤ 70 (4) 11 ≤ 1+45C-5Si+0.09Mn+2.2Ni-0.28Cr-0.67Cu+88.6N ≤ 17 Here, C, N, Si, Mn, Cr, Ni, and Cu mean the content (% by weight) of each element.
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