The invention discloses high corrosion resistant austenitic stainless steel containing copper-niobium-cobalt and a processing and heat treatment method of the austenitic stainless steel. Alloy elements comprise, by mass percentage, smaller than or equal to 0.08 C, 10.0-14.0 Ni, 16.0-18.5 Cr, 2.0-3.0 Mo, smaller than or equal to 0.61 Nb, 0.2-0.8 Cu, 0.1-0.5 Co, smaller than or equal to 2.0 Mn, smaller than or equal to 1.0 Si, smaller than or equal to 0.035 P, smaller than or equal to 0.030 S, and the balance Fe, wherein 7.73x(C-0.01)<=Nb<=7.73xC. Due to thermal deformation cogging and cold deformation, NbC breaking and dispersion are achieved, and grain coarsening is achieved after high temperature solid solution treatment. Under the oxygen introducing condition, the corroding current density in a 0.5 mol/L H2SO4 electrolyte containing 5x10<-6>F<-> at 80 DEG C is 1.68-3.70 muA/cm<2>, and is equivalent to that of a stainless steel bipolar plate material subjected to surface coating. Thehigh corrosion resistant austenitic stainless steel containing copper-niobium-cobalt has the beneficial effects of low hardness and high extending, and forming of a bipolar plate flow channel is facilitated.