Cryogenic turning can be used to produce deformation-induced martensite in metastable austenitic steels. Martensite exhibits a higher hardness than austenite and increases the wear resistance of the workpiece. In order to reliably induce a desired martensite content in the subsurface zone during the turning process, a non-destructive, contactless and real-time testing method is necessary. Eddy current testing is an electromagnetic method that is non-destructive, non-contact and real-time capable. Furthermore, eddy current testing has been integrated into production processes many times. Eddy current testing can be used to detect the transformation of paramagnetic austenite to ferromagnetic α′-martensite based on the change in magnetic and electrical properties. Thus, the newly formed subsurface can be characterized and the manufacturing process can be monitored. The objective of this study was to understand the correlation of eddy current testing signals with newly formed α′-martensite in the subsurface of AISI 304 and to quantify the amount formed. The measurements were performed within a machining center. Several methods for reference measurement of martensite content are known in the literature. However, depending on the method used, large discrepancies may occur between the determined contents. Therefore, different analytical methods were used for reference measurements to determine the total martensite content in the subsurface. Metallographic sections, magnetic etching, Mössbauer spectroscopy, and X-ray diffraction with two different analytical methods were employed. Based on the correlation between the eddy current testing signals and the α′-martensite content in the subsurface, process control of the manufacturing process can be achieved in the future.