Cv1 is correct that some stress is relieved by the austenite to martensite transmformation. However, there are other mechanisms going on here above and beyond this transformation. Cryogenic processing will induce fatigue resistance to metals without austenite or martensite, for instance titanium and copper. For instance, I have seen a sevenfold increase in the life of automotive valve springs. The odd part about it was the springs were treated after the shot peening. Since cryogenic processing is known to relieve residual stresses other than the stresses relieved by the austenite to martensite transformation, it can be presumed that we relieved the compressive residual stresses induced on the valve springs by the shot peening, yet still had a very large increase in fatigue life.
Gaz.
Since I am not sure of the etiquette of posting web addresses on this site, if you will email me at info@metal-wear.com, I can point you in the right direction. Also you can do a search on the web for the Cryogenic Society of America.