High-speed, high-resolution infrared thermography, as a noncontact, full-field, and nondestructive technique, was used to study the temperature variations of a cobalt-based ULTIMET alloy subjected to high-cycle fatigue. During each fatigue cycle, the temperature oscillations, which were due to the thermal-elastic-plastic effects, were observed and related to stress-strain analyses. A constitutive model was developed for predicting the thermal and mechanical responses of the ULTIMET alloy subjected to cyclic deformation. The model was constructed in light of internal-state variables, which were developed to characterize the inelastic strain of the material during cyclic loading. The predicted stress-strain and temperature responses were found to be in good agreement with the experimental results. In addition, the change of temperature during fatigue was employed to reveal the accumulation of fatigue damage, and the measured temperature was utilized as an index for fatigue-life prediction.