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To investigate the microstructural changes that occur in stainless steel (SS) 304 during single point incremental forming (SPIF), experiments and finite element (FE) simulations were conducted for a truncated square pyramid geometry. Results from material characterization experiments for four stress states, i.e., uniaxial tension, equibiaxial tension, shear, and uniaxial compression, were combined to construct a material model based on the constituent phases and transformation kinetics. The material model was implemented into numerical analyses, where a two-step FE approach was utilized to predict martensite transformation in SPIF with increased computational efficiency. Validation experiments showed good agreement with the martensite transformation predictions from the FE simulations. The four locations along the pyramid wall revealed varying martensite volume fractions because of the differing stress states of bending, stretching, and shear that the blank is subjected to during SPIF, which can affect the microstructure. The stress state can be defined in terms of the stress triaxiality and Lode angle parameter. The FE results indicate that stress triaxiality impacted the martensitic transformation kinetics in SS304 more than the Lode angle parameter for SPIF for this particular material and geometry. Thus, distinct stress states in incremental forming can affect the martensitic transformation locally and, when used strategically, achieve functionally graded materials. This is pertinent to industrial applications requiring custom components, e.g., trauma fixation hardware for medical applications.