In the present investigation, an in-depth understanding of the relationship between dislocation kinetics and cyclic plasticity, along with the description of yield asymmetry behavior during loading and unloading in nuclear grade 316LN austenitic stainless steel at 823 K, was examined by employing a constitutive framework using the evolution of physically-based internal-state variables. The formulation encompassed a set of first-order simultaneous differential equations that governed the evolution of dislocation density, mean free path of dislocations, and back stress. These variables were interdependent with the power law which described the kinetics of plastic strain rate. The evolution equations were numerically integrated, and the simulated data were fitted to the experimental data up to stabilized cycle at a temperature of 823 K and total strain amplitudes of ±0.004, ±0.006, ±0.008 and ± 0.010. The predicted cyclic stress response as a function of the cyclic number displayed the continuous cyclic hardening from the first cycle to the initiation of stabilized cycle. Further, good agreement between the predicted and experimental hysteresis loops was found at different cycle numbers. The predicted dislocation density and tensile peak values of back/effective stress increased with cyclic hardening and approached the value of saturation at the stabilized cycle. On the other hand, a rapid decrease in mean free path with cycle number was noticed. An increase in total strain amplitude resulted in a systematic increase in dislocation density, peak stress, back stress and effective stress. At the total strain amplitudes above ±0.006, the predicted higher rates of dislocation accumulation and annihilation, and the faster evolution rate of back stress towards saturation led to the development of stable dislocation substructure configurations with a clear distinction between dislocation high/low dense regions. Furthermore, the applicability of the model was extended by including an empirical relationship between the damage variable and cycle number within the power law, thereby enabling predictions of the cyclic stress-strain response beyond the stabilized cycle.