This paper deals with the role of microstructure on the fatigue behaviour of pearlitic steels with different degrees of cold drawing. The analysis is focussed on the region II (Paris) of the fatigue behaviour, measuring the constants (C and m) for the different degrees of drawing. From the engineering point of view, the manufacturing process by cold drawing improves the fatigue behaviour of the steels, since the fatigue crack growth rate decreases as the strain hardening level in the material increases. In particular, the coefficient m (slope of the Paris laws) remains almost constant and independent of the drawing degree, whereas the constant C decreases as the drawing degree rises. The paper focuses on the relationship between the pearlitic microstructure of the steels (progressively oriented as a consequence of the manufacturing process by cold drawing) and the macroscopic fatigue behaviour. To this end, a detailed metallographic analysis was performed on the fatigue crack propagation path after cutting and polishing on a plane perpendicular to the crack front (fracto-metallographic analysis). It is seen that the fatigue crack growth path presents certain roughness at the microscopic level, such a roughness being related to the pearlitic colony boundaries more than to the ferrite/cementite lamellae interfaces. Fatigue cracks are transcollonial and exhibit a preference for fracturing pearlitic lamellae, with non-uniform crack opening displacement values, micro-discontinuities, branchings, bifurcations and frequent local deflections that create microstructural roughness. The net fatigue surface increases with cold drawing due to the higher angle of crack deflections. With regard to the influence of the R-ratio, an increase of such a stress ratio produces microcracking with a higher number of branchings for the same stress intensity range.