Damages caused by the effects of cyclic loading (fatigue) and high temperature (creep and oxidation) have been considered critical and need to be appropriately evaluated. A series of strain‐controlled fatigue and creep‐fatigue tests are performed on P92 at 873 K under oxygen‐containing environment. The creep‐fatigue life prediction results are summarized using models based on strain‐range partition, Manson–Coffin equation and linear damage summation (LDS) rule. Obviously, the models based on the LDS rule show relatively good performance with an error band of ±2.5. In view of the adverse effects of oxidation on creep‐fatigue endurance, this paper further develops a physically‐based oxidation damage equation, which is incorporated into LDS rule for the improvement of life assessment. The predicted and experimental results falling into ±1.5 error band proved the accuracy of the proposed oxidation damage equation in the LDS rule. Additionally, model selection criteria are recommended to evaluate the model prediction capabilities.