The precipitates that develop in AISI 316 stainless steel during irradiation play a dominant role in determining the dimensional and mechanical property changes of this alloy. This role is expressed primarily in a large change in matrix composition that alters the diffusional properties of the alloy matrix and also appears to alter the rate of acceptance of point defects at dislocations and voids. The major elemental participants in the evolution have been identified as nickel, silicon, and carbon. The exceptional sensitivity of this evolution to many variables accounts for much of the variability of response exhibited by this alloy in nominally similar irradiations.