<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001453985</cik>
        <entityName>STONERISE CAPITAL PARTNERS MASTER FUND, L.P.</entityName>
        <issuerAddress>
            <street1>MOURANT CAYMAN CORPORATE SERVICES, LTD.</street1>
            <street2>Harbour Centre, 42 North Church Street</street2>
            <city>GEORGE TOWN, Grand Cayman</city>
            <stateOrCountry>E9</stateOrCountry>
            <zipCode>KY1-1108</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>415-772-1907</issuerPhoneNumber>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>STONERISE CAPITAL PARTNERS MASTER FUND LP</previousName>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Exempted Limited Partnership</entityTypeOtherDesc>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2008</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>C.</middleName>
                <lastName>Walker</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Stonerise Capital Management, LLC</street1>
                <street2>44 Montgomery Street, 20th Floor</street2>
                <city>San Francisco</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>94104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of Stonerise Capital Management, LLC, the General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jeffrey</firstName>
                <lastName>Cozad</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Stonerise Capital Management, LLC</street1>
                <street2>44 Montgomery Street, 20th Floor</street2>
                <city>San Francisco</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>94104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of Stonerise Capital Management, LLC, the General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jose</firstName>
                <lastName>Medeiros</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Stonerise Capital Management, LLC</street1>
                <street2>44 Montgomery Street, 20th Floor</street2>
                <city>San Francisco</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>94104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of Stonerise Capital Management, LLC, the General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-09-002866</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2008-12-04</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>110000000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>7</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>The General Partner will receive an annual management fee equal to 1.5% of the capital account of each limited partner and a profit allocation or carried interest equal to 20% of the net profit allocated to each limited partner's capital account.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>STONERISE CAPITAL PARTNERS MASTER FUND, L.P.</issuerName>
                <signatureName>John C. Walker</signatureName>
                <nameOfSigner>John C. Walker</nameOfSigner>
                <signatureTitle>Managing Member of GP of the Issuer</signatureTitle>
                <signatureDate>2010-01-20</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
