To achieve the purposes of disposing industry solid wastes and enhancing the sustainability of subgrade life-cycle service performance in seasonally frozen regions compared to previous research of modified silty clay (MSC) composed of oil shale ash (OSA), fly ash (FA), and silty clay (SC), we identified for the first time the axial deformation characteristics of MSC with different levels of cycle load number, dynamic stress ratio, confining pressure, loading frequency, and F-T cycles; and corresponding to the above conditions, the normalized and logarithmic models on the plastic cumulative strain prediction of MSC are established. For the effect of cycle load number, results show that the cumulative plastic strain of MSC after 1, 10, and 100 cycle loads occupies for 28.72%~35.31%, 49.86%~55.59%, and 70.87%~78.39% of those after 8000 cycle loads, indicating that MSC possesses remarkable plastic stability after 100 cycles of cycle loads. For the effect of dynamic stress ratio, confining pressure, loading frequency, and F-T cycles, results show that dynamic stress ratio and F-T cycles are important factors affecting the axial deformation of MSC after repeated cycle loads; and under the low dynamic stress ratio, increasing confining pressure and loading frequency have insignificant effect on the axial strain of MSC after 8000 loads. In term of the normalized and logarithmic models on the plastic cumulative strain prediction of MSC, they have a high correlation coefficient with testing data, and according to the above models, the predicted result shows that the cumulative plastic strain of MSC ranges from 0.38 cm to 2.71 cm, and these predicted values are within the requirements in the related standards of highway subgrades and railway, indicating that the cumulative plastic strain of MSC is small and MSC is suitable to be used as the subgrade materials.