The cyclic stress–strain behaviour of two microalloyed steels with different microstructures has been characterised at room temperature under strain controlled low cycle fatigue. The cyclic stress–strain curve in the double logarithmic plot shows a linear relation for both steels. A transition of the cyclic stress–strain curve from softening to hardening with increasing strain amplitude has been observed with respect to the corresponding tensile curve. The strain amplitude for the onset of cyclic softening to hardening transition has been found to be dependent on grain size. The strain lifetime behaviour, estimated from modified universal slopes equation, shows similar trends as Nb or V bearing microalloyed steels. The cyclic characteristics of the two microalloyed steels have been compared with  corresponding predeformed state carried out under stress controlled conditions. While, cyclic saturation was observed in case where the extent of predeformation was within the Lüders strain, cyclic softening occurred when it exceeded the Lüders strain. It has been attempted to provide a mechanistic understanding of the differences in the cyclic behaviour of the two steels owing to the microstructure and predeformation.