Different microstructures were obtained under various thermal conditions by adjusting the heat treatment parameters of the Cr-Co-Ni-Mo series of ultra-high strength stainless steel. The effect of organizational evolution on the stress corrosion cracking (SCC) of the Cr-Co-Ni-Mo series of ultra-high strength stainless steel was investigated using potentiodynamic polarization curves, electrochemical impedance spectroscopy (EIS), transmission electron microscopy (TEM), scanning electron microscopy (SEM) and other test methods in combination with slow strain rate tensile tests (SSRTs). The results show that the Mo- and Cr-rich clusters and precipitation of the Laves phase reduce the corrosion resistance, while increasing the austenite content can improve the corrosion resistance. The Cr-Co-Ni-Mo series of ultra-high strength stainless steel has a high SCC resistance after quenching at 1080 °C and undergoing deep cooling (DC) treatment at −73 °C. With increasing holding time, the strength of the underaged and peak-aged specimens increases, but the passivation and SCC resistance decreases. At the overaged temperature, the specimen has good SCC resistance after a short holding time, which is attributed to its higher austenite content and lower dislocation density. As a stable hydrogen trap in steel, austenite effectively improves the SCC resistance of steel. However, under the coupled action of hydrogen and stress, martensitic transformation occurs due to the decrease in the lamination energy of austenite, and the weak martensitic interface becomes the preferred location for crack initiation and propagation.