Online damage evaluation based on monitored complex cyclic loadings has become an important technique for reliability assessment, especially in high-temperature environments where creep occurs in addition to fatigue. Accuracy and rapidity of calculation are basic requirements for online damage evaluation methods. However, current creep damage evaluation methods seldom consider the fluctuation in stress, which leads to inaccuracy in life-consumption estimates. In addition, traditional cycle-counting methods are not applicable to online use. In this study, an online creep-fatigue damage evaluation method is proposed that accounts for the creep behavior that occurs under fluctuating loads. The cycle-counting method is modified from a rainflow-counting algorithm; it broadens the counting of half-cycles and adopts a new equivalent temperature in the stress-strain response calculation. The proposed method is explained in detail and demonstrated with a case study. The application of this method to a high-temperature, high-pressure pipe demonstrates its online applicability and accuracy. A time-matching algorithm is developed to display the damage evolution in real time, thus revealing the link between the incremental damage and the current load conditions, and yielding an intuitive demonstration of a given component’s state of health.