To solve the problem of inadequate plasticity of traditional processing routes in improving the plasticity of novel Co-saving 18Ni (300) maraging steel, a cold deformation-cycle solution treatment process was developed. Through systematic characterization and tensile property testing, the study focuses on elucidating the impact of the number of solution treatments on the microstructure and mechanical behavior. The results showed that with a 30% cold deformation, three times of solution treatment at 860 °C for 10 min refined the original austenite grains (equivalent circle radius: 3.3 μm) and martensite structure (length and width: 7 μm and 1.3 μm, respectively) to the utmost extent. The grains became uniformly equiaxed, and the texture was eliminated, and a moderate content (4.5%) of retained austenite was formed. At this time, the material achieves the best match between strength (tensile strength of 1240 MPa) and plasticity (elongation of 9.93%), which are increased by 15.3% and 94.3%, respectively, compared with the traditional process. Mechanistic analysis revealed that grain refinement and uniform equiaxialization were the primary drivers for enhancing strength and plasticity. This study has demonstrated that the cold deformation-cyclic solution treatment process is an effective methodology for tailoring the microstructure and mechanical properties of maraging steel.