The invention discloses a precision forming method of an ultrathin stainless steel substrate for a flexible product, an obtained substrate and an application thereof. The method comprises the following steps: taking a cold-rolled 2B-surface AISI300 series stainless steel band with the thickness of 0.8-1mm as a raw material, twenty-high rolling, debinding, bright annealing, secondary cold-rolling by a twenty-high roll mill, debinding, bright annealing, tension straightening, length cutting/cross cutting, inspecting, packaging and the like. The ultrathin stainless steel substrate has the grain size of 5-6 grades, uniform internal stress distribution, the thickness deviation of +/-0.002, the thickness of 0.03-0.2mm, surface roughness of Ra20nm-Ra500nm, surface evenness of 1-2I-Unit, and the yield strength of less than 200MPa. The ultrathin stainless steel substrate is applied to a flexible solar cell and a flexible display product. The invention has simple and feasible production method, low cost, high product quality and high production efficiency.