This paper discusses low‐cycle fatigue characteristics of 316L stainless steel under proportional and nonproportional loadings. Tension–torsion multiaxial low‐cycle fatigue tests were performed using five strain paths. Additional hardening was observed under nonproportional loadings and was more significant in tests with larger nonproportionality. Mises equivalent strain, Smith–Watson–Topper, Fatemi–Socie, Kandil–Brown–Miller and nonproportional strain parameters were applied to the experimental data to evaluate the multiaxial low‐cycle fatigue damage. The applicability of the damage laws to practical design was discussed.