In Korea, borated stainless steel (BSS) is used as spent fuel pool (SFP) storage rack to maintain nuclear criticality of spent fuels. As number of nuclear power plants and corresponding number of spent fuels increased, density in SFP storage rack also increased. In this regard, maintain subcriticality of spent nuclear fuels was raised as an issue and BSS was selected as structural material and neutron absorber for high density storage rack. Because it is difficult to replace storage rack, corrosion resistance and neutron absorbency are required for long period. BSS is based on stainless steel 304 and it is specified in the ASTM A887-89 standard depending on the boron concentration from 304B (0.20-0.29% B) to 304B7 (1.75-2.25% B). Due to low solubility of boron in austenitic stainless steel, metallic borides such as (Fe, Cr)2B are formed as secondary phase metallic borides could make Cr depletion near it which could decrease the corrosion resistance of material. In this paper, long-term corrosion behavior of BSS and its oxide microstructures are investigated through accelerated corrosion experiment in simulated SFP condition. Because corrosion rate of austenitic stainless steel is known to be dependent on the Arrhenius equation, a function of temperature, corrosion experiment is conducted by increasing the experimental temperature. Detail microstructural analysis was conducted with scanning electron microscope, transmission electron microscope and energy dispersive spectrometer. After oxidation, hematite structure oxide film is formed and pitting corrosions occur on the surface of specimens. Most of pitting corrosions are found at the substrate surface because corrosion resistance of substrate, which has low Cr content, is relatively low. Also, oxidation reaction of B in the secondary phase has the lowest Gibbs free energy compared to other elements. Furthermore, oxidation of Cr has low Gibbs free energy which means that oxidation of B and Cr could be faster than other elements. Thus, the long-term corrosion might affect to boron content and the neutron absorption ability of the material.