Developed using density functional theory as a guide, this potential has been demonstrated to enable stable molecular dynamics simulations of stainless‐steel alloys at high temperatures, accurately reproduce the stacking fault energy-known to strongly influence the mode of plastic deformation (e.g., twinning vs. dislocation glide vs. cross‐slip)-of these alloys over a range of compositions, and give reasonable elastic constants, energies, and volumes for various compositions. The latter are pertinent for determining short‐range order and solute strengthening effects. These results suggest that this potential is suitable for studying mechanical properties of austenitic and ferritic stainless‐steels which have vast implementation in the scientific and industrial communities.