During the 1942 campaign, the submarine was under the command of Captain Mokhov Nikolay Konstantinovich and took part in the Soviet submarine campaign on 1942 in Baltic Sea. Shch-317 scored victories, all of them in the summer 1942. The submarine torpedoed and damaged the Danish merchant Orion on 19 June 1942, but did not sink the cargo vessel. She scored most of her success against the German-Swedish iron oreshipping lines, which was the main target of 1942 Soviet submarine campaign.
Loss
While returning home after the successful campaign of summer 1942, Shch-317 was sunk. On the last mission, the submarine division commander Captain 2nd Rank V.A. Yegorov was also on board. The most likely cause of the sinking was that she struck a naval mine in the Seeigel minefield on 18 July 1942.