Experiments have been carried out to understand the feasibility of using MBN method to estimate the residual stresses and the effect of cold working of steel. In the first set austenitic stainless steel pipe welds of 324mm and 168 mm outer diameters with 25 mm and 14 mm thickness respectively have been used for estimation of residual stress. Pipes are welded using the hot wire GTAW with narrow gap technique. MBN analysis for these pipe welds shows that MBN peak height is sensitive to both microstructure and residual stress. But peak position is insensitive to residual stress however, it varies with micro-structural variation. These pipe welds have the same microstructure and varying residual stress. Second set of experiments are carried out on carbon steel subjected to 10 and 20% cold working and on low alloy steel subjected 8, 10 and 15% cold working. Results shows that rise in MBN parameters like RMS, amplitude and energy is faster till 10% of cold working thereafter it saturates.