In this work, cyclic tension-unloading tests with different peak strains (10%-18%) in the temperature range from 313 K to 393 K are performed to investigate the effects of temperature and loading level on the cyclic deformation behavior of NiTi shape memory alloy (SMA) wires. Experimental results demonstrate that the superelasticity degradation occurs during the cyclic deformation process, and such phenomenon aggravates with the rise of ambient temperature and loading level, which can be attributed to the complex interactions among the martensite transformation (MT), austenite plasticity (AP), martensite plasticity (MP) and the transformation-induced plasticity (TRIP). Then, a micromechanical cyclic constitutive model is proposed based on the framework of irreversible thermodynamics and Eshelby's inclusion theory. The martensite (M) phase is treated as mobile inclusions with alterable eigenstrain embedded in the austenite (A) phase matrix. The volume fractions of the M-phase, A-phase, and A-M interface-phase are introduced. The non-uniform stress fields in the three phases are estimated by employing the Mori-Tanaka's homogenization scheme and interfacial operator. The driving forces of the four types of the inelastic deformation mechanisms, MT, AP, MP, and TRIP are derived based on the proposed new Helmholtz free energy, instantaneous growth hypothesis of M domains, and the energy dissipation inequality. The inheritances of the plastic deformation induced by the movement of A-M interfaces during the repeated MT and its reverse are incorporated. Finally, to validate the predictive capability of the proposed model, the predicted results for the superelasticity degradation of NiTi SMA with various peak strains at different ambient temperatures are compared with the experimental ones. Moreover, the dominant plastic deformation mechanisms and the effects of AP, MP, TRIP on the cyclic deformation of NiTi SMA are discussed.