The aim of the study was to determine low-cycle fatigue life characteristics of P92 steel used in the power unit components that work under the highest effort. Steel service life was determined in the tests for total fixed strain Δεt ranges from 0.6 to 1.2 % and with application of two-stage sequence loading. Low-cycle fatigue tests were conducted at room temperature and at 550 °C on MTS-810 testing machine. The tests under sequence loading were carried out for two strain ranges: Δεt = 0.6 and 1.2 %. Sinusoidal load cycles of a coefficient R = −1 were used. Low-cycle fatigue life characteristics were developed with consideration of loading sequence impact. It was found out the fatigue life of an element under sequence loading is strictly correlated with its history of strain, which determines the degree of material microstructure damage. Higher degree of steel damage was found in two-stage tests, in which the larger range of strain Δεt = 1.2 % was used as the first one. Fractography analyses of scrap revealed the patterns of fatigue lines and bands typical for this process as well as numerous secondary cracks occurred to the boundaries of former austenite grains. Analytic method of predicting low-cycle fatigue life of an element under two-stage sequence loading is presented. For this purpose, an energy criterion for the material life developed for tests carried out in conditions of low-cycle fatigue was used.