Google Chrome does not have an inbuilt feature for RSS subscription, but here are two extension that does an excellent job at that.
Chrome Reader allows you to Subscribe RSS and Atom feeds in Google Reader directly from the Omnibar.
It auto-detects feed on a page and will display an RSS icon in the Omnibar. One click on that opens a box where you can name the subscription, assign folder(s) or create a new folder.
To unsubscribe a feed, click on the RSS icon in the Omnibar and then on “Remove” text, found on the top-right corner of the box.
If you use only Google Reader to read feeds, Chrome Reader can be a useful extension for you.
Install: Chrome Reader
RSS Subscription Extension (by Google)
It functions similar to Chrome Reader but using this extension you can subscribe to any-web based feed reader.
When you click on the RSS icon in the Omnibar, you will be taken to a page where you can preview the feed content and subscribe it.
This extension comes comes with four predefined readers: Google Reader, iGoogle, Bloglines and My Yahoo, but you can add more readers to the list.