Mechanical fatigue tests of unnotched, notched, and bending twin-roll cast AZ31B magnesium alloy specimens are performed in which strain fields are analyzed with digital image correlation. Clearly, delimited macroscopic bands of twinned grains (BTGs) in which the compressive strain is significantly higher compared to the adjacent regions are observed. Conventional fatigue parameters, e.g., the strain amplitude, exhibited higher values within the BTGs. This findings are confirmed by the fact that for all investigated specimens the initial macroscopic cracks are observed within the BTGs. Consequently, for the presented concept of highly strained volume, fatigue parameters are determined from the highly strained regions with high strain amplitudes. This paper focuses on the application of the effective strain amplitude fatigue parameter decomposed in an elastic and plastic portion, the Smith-Watson-Topper fatigue parameter and energy-based fatigue parameters within the concept of highly strained volume. An extended stress-strain hysteresis model is presented to compute stress-strain hystereses for arbitrary load ratios, required to determine the mentioned fatigue parameters. The application and evaluation of five different fatigue parameters within the concept of highly strained volume demonstrates the accurate description of the fatigue life until failure.