Low cycle fatigue (LCF) regime was experimentally studied for a 316L steel additively manufactured by laser‐powder bed fusion (L‐PBF), a material widely used in sectors that require a reliable durability analysis. Material cyclic elastoplastic behavior is described by the Chaboche–Voce combined plasticity model, which displayed a great degree of accuracy. The fatigue life was modeled by both invoking the Manson–Coffin curve and other simplified models derived from static properties of the material; some of which showed remarkably good accuracy. A quantitative comparison with a wrought‐processed 316L steel displayed a markedly different cyclic elastoplastic response but comparable fatigue strengths.