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In this paper, the low‐cycle fatigue characteristics of cold‐drawn steel were investigated under strain‐controlled uniaxial fatigue load. Cyclic softening was observed throughout fatigue life except for the initial relatively short period which exhibited cyclic hardening. Positive mean stress was found under fully reversed strain loading, indicating that there was a significant cyclic asymmetry. A modified local stress–strain method was proposed to estimate fatigue life of notched tension‐compression asymmetric material. In order to verify this method, fatigue experiments on two kinds of notched specimens with different notch radius were carried out under constant and block load spectrum. It was found that the modified local stress–strain method was more accurate than the traditional ones, the maximum relative error between predicted and experimental fatigue life was less than 6%.

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