The biaxial fatigue of a steel plate (JIS SM400B) having a box‐welded (wrap‐around) joint was experimentally studied. Special concerns were focused on the effects of the biaxial load range ratio and compressive cyclic loading in the lateral direction. The direction of fatigue crack propagation under biaxial cyclic tensile loading, which has a phase difference of π, changed according to the biaxial load range ratio, Rxy = ΔPx/ΔPy. When Rxy was less than 0.56, fatigue cracks propagated along the toe of the weld in the x‐direction because the principal tensile stress range Δσy at that location exceeded the orthogonal value Δσx at the box‐weld toe. The fatigue lives in biaxial tests related well to the data from uniaxial tests when invoking the Δσ5 criterion. However, the location and direction of Δσ5 should be chosen according to the Rxy value and the failure crack direction. An increase in Δσ5, as induced by the Poisson's ratio effect from either the out‐of‐phase tensile loading or the in‐phase compressive loading in the y‐direction, leads to an increase in fatigue damage (decrease in fatigue resistance or specifically a faster crack propagation rate), and this effect can be successfully estimated from uniaxial fatigue test data.