The low-cycle fatigue properties, microstructural evolution and crack growth behaviors of a low-carbon carbide-free bainitic steel subjected to austempering at 300, 320 and 350 °C have been investigated. The results indicated that the fatigue lifetimes of the specimens increase with decreasing the austempering temperature at lower total strain amplitudes, but a comparable fatigue lifetime or even an opposite result is observed at higher total strain amplitudes. During fatigue loading, the blocky retained austenite with inhomogeneous carbon distribution partially transforms into martensite, and the transformation amount increases with the total strain amplitude, especially for the specimens austempered at high temperatures. The transformed martensite and the untransformed austenite satisfy a Kurdjumov-Sachs (K–S) orientation relationship, which can increase the cooperative deformation capacity between the both phases. However, with continuous cycling, more martensite is formed, and these newly formed martensite grains are more likely to form micro-voids/cracks due to their brittleness, which reduces the crack initiation lifetime, and become the fast path for crack propagation, which deteriorates the crack propagation lifetime. Alternatively, more crack branching, crack deflection and severely twisted bainitic ferrite laths are observed for the specimens austempered at high temperatures, which helps to delay/hinder crack growth and increase the crack propagation lifetime, especially at high total strain amplitudes. This suggests that the fatigue lifetime can be closely associated with the interactions of the crack initiation and propagation caused by mechanically-induced martensite from retained austenite.