A finite element program calculates the cyclic behaviour of the individual component phases of a multiphase material using a master curve observed in uniaxial cyclic stress tests. The fatigue behaviour of the two-phase alloys was characterized by visualizing the evolution of the phase stress (denoted by an average effective stress and an hydrostatic stress) during cyclic loading. The evolution procedure shows a unique fatigue behaviour of the in situ component phases, which differs from that observed in uniaxial or multiaxial fatigue tests of the single phase material. The fatigue damage on a microstructural scale was identified by the distributions of the plastic strain accumulated during cyclic loading and the stress triaxility in the component phases.