This study investigates the low-cycle fatigue behavior of mooring chains high-strength steel grade R4 under different strain amplitudes and strain ratios at room temperature. A fatigue test program has been carried out on small low cycle fatigue specimens cut from large mooring chains. The experimental results characterize the cyclic stress-strain relationship, the mean stress relaxation behavior, and the cyclic plasticity parameters of the material. Strain energy density is correlated with fatigue life through a simple power-law expression and very well represented by Basquin-Coffin-Mansion relationship. Further, a non-linear elastic-plastic material model is calibrated to the experimental stress-strain curves and used for the estimation of energy dissipation in the specimens under applied cyclic loads. The predicted fatigue life using the calibrated material parameters demonstrates a close agreement with the experimental fatigue life. Numerical simulations are carried out to analyze local plastic straining and assess crack initiation at the pit site of corroded mooring chains considering the multiaxial stress state. An energy-based approach is employed to estimate the number of cycles needed for a crack to initiate from an existing corrosion pit.