Cold roll forming used in the manufacturing of lightweight steel profiles for racking storage systems is associated with localized, non-uniform plastic deformations in the corner sections of the profiles, which act as fatigue damage initiation sites. In order to obtain a clearer insight on the role of existing plastic deformation on material fatigue performance, the effect of plastic pre-straining on the low cycle fatigue behavior of S355MC and S460MC steels was investigated. The steels were plastically deformed at different pre-strain levels under tension, and subsequently subjected to cyclic strain-controlled testing. Plastic pre-straining was found to increase cyclic yield strength, decrease ductility, and induce cyclic softening, which, in S460MC, degrades fatigue resistance compared to the unstrained material. In unstrained conditions, the materials present a cyclic softening to hardening transition with increasing plastic strain amplitude, which in S355MC occurs at lower strain amplitudes and degrades its fatigue resistance with regard to the pre-strained material. Pre-straining also leads to a reduction in transition life from low to high cycle fatigue. SEM fractography, performed following the onset of crack initiation, revealed that plastic pre-straining reduces the fatigue fracture section as well as striation spacing, predominantly in the S355MC steel.