For engineering components subjected to multiaxial loading, fatigue life prediction is crucial for guaranteeing their structural security and economic feasibility. In this respect, energy‐based models, integrating the stress and strain components, are widely used because of their availability in fatigue prediction. Through employing the plastic strain energy concept and critical plane approach, a new energy‐based model is proposed in this paper to evaluate the low‐cycle fatigue life, in which the critical plane is defined as the maximum damage plane. In the proposed model, a newly defined NP factor κ* is used to quantify the nonproportional (NP) effect so that the damage parameter can be conveniently calculated. Moreover, a simple estimation method of weight coefficient is developed, which can reflect different contributions of shear and normal plastic strain energy on total fatigue damage. Experimental data of 10 kinds of materials are employed to assess the effectiveness of this model as well as three other energy‐based models.