STS304L is widely used in liquefied natural gas cargo containment systems for cryogenic liquefied gas storage because of its excellent mechanical properties at low temperatures. However, unpredictable sloshing impacts can induce excessive plastic deformation, leading to phase transformation from austenite to martensite. This study investigated the impact resistance of STS304L under cryogenic conditions through drop-weight impact tests. Temperature sensitivity was analyzed using electron backscatter diffraction to quantify plastic deformation and phase fraction. The results showed that, as the temperature decreased, the energy absorption and stiffness increased, whereas the plastic deformation remained relatively constant. Energy absorption increased by 59.63% at −100 °C and 68.80% at −193 °C compared with that at 20 °C. The martensite fraction, measured at the end of the hemispherical impact region, increased from 19.26% at 20 °C to 77.85% at −100 °C and 96.87% at −193 °C, indicating significant strain-induced martensitic transformation at cryogenic temperatures.