The investigation aims to analyze the effect of homogenization heat treatment on the quantity, distribution, morphology, and chemical composition of δ ferrite and sigma phase in the 316L austenitic stainless steel cast billet. Microstructures of the cast billet at different locations, center, 0.5 R, R, and the subsequent 2/6-hour homogenization heat treatment at 1240 oC were examined. The microstructure at the radius R was much more uniform and expected a better performance in the following hot/cold forging processes due to the highest cooling rate compared with those at 0.5R and center. The δ ferrite often accompanies the generation of the sigma phase, and the transformation of δ ferrite into the sigma/(austenite) and retained δ ferrite is strongly related to the cooling rate after homogenization heat treatment. The sigma phase is hard and detrimental to the subsequent hot/cold forgings. It must be removed from the homogenization heat treatment before forging. Fast air cooling from 850 oC to room temperature after homogenization heat treatment cannot prohibit the sigma phase formation. Rapid cooling between 850 and 1240 oC after homogenization treatment is required to avoid the sigma phase formation in the 316L stainless steel cast billet.