Austenitic stainless steel of grade AISI 316L finds extensive applications in power generating and petrochemical industries. Components made from this grade of steel are exposed to low-cycle fatigue loading due to service conditions of these industries. In this study, strain-control low-cycled fatigue tests have been done at 873 K at six different strain amplitudes ranging from ± 0.35 to ± 1.00%. In all cases completely reversed straining has been done keeping total strain rate constant at 3 × 10–3 s−1 during the tests. The cyclic hardening/softening and Coffin-Manson behaviour of the steel have been studied. During cyclic straining, dynamic strain ageing (DSA) behaviour is noticed. It is found that fatigue life decreases with increase of strain amplitude and Coffin-Manson behaviour is obeyed by the investigated steel in the present experimental domain. Fracture surfaces of representative low-cycle fatigue failed specimens have been examined under scanning electron microscope (SEM) to understand the failure mechanisms under the experimental conditions.