Thermomechanical low-cycle fatigue (TMF) tests were performed on polycrystalline cast nickel-based superalloy MAR-M247 under in-phase (IP) and out-of phase (OP) loading in the temperature range of 500–900 °C. A constant heating and cooling rate of 5 °C.s−1 was selected. Furthermore, isothermal low-cycle fatigue (ILCF) tests with the same cycle period as TMF cycle were carried out at the maximal temperature of TMF cycle (900 °C). All tests ran under strain control and fully reversed cycle on solid cylindrical specimens in laboratory air. High resolution scanning electron microscopy and transmission electron microscopy were utilized to characterize the damage mechanism occurring during TMF and ILCF loading. The cyclic deformation and lifetime behaviour as well as damage mechanisms dependent on loading regime were examined. Results show that the TMF loading has a detrimental effect on the lifetime of MAR-M247. Lifetime reduction is most significant under IP loading. The fracture surfaces are characterized by typical striation fields, where the largest spacing between striations was observed for IP loading with prevailing intercrystalline cracking followed by OP and isothermal ILCF loading with transcrystalline crack propagation. To improve discussion of obtained results, experimental data were compared with damage and life prediction models.