Fatigue is of significant importance to the engineering applications of the structural materials. High-strength pearlite steel consisting of a ductile ferrite phase and a brittle cementite phase is a widely used structural metal for extreme load-bearing applications. However, the fatigue mechanisms of such important materials remain elusive, in particular, the atomic-scale dislocation behaviors at interface are poorly understood. We used molecular dynamics simulations to probe the mechanical response and deformation mechanism of the Bagaryatskii-oriented ferrite-cementite interface in pearlite. The interface was subjected to a hundred symmetric tension-compression deformation cycles. Three different loading schemes with strain magnitudes of 4.0%, 6.0%, and 9.0% are sophisticatedly designed to explore the cyclic plastic mechanisms under different conditions corresponding to pure elasticity, elasticity in tension but plasticity in compression, and plasticity in both tension and compression, respectively. During cyclic deformation, rapid dislocation accumulation occurs in the first 30 cycles, after which dislocation density decreases to a stable value in ferrite. It is found that the onset of plasticity is governed by dislocation nucleation from the ferrite-cementite interface. After slip into the ferrite phase, some dislocations annihilate at the interface. After a few tens of cycles, the dislocation nucleation and annihilation rates become equal, leading to a steady-state flow in cyclic deformation. Up to high cycles with large strain magnitude, the magnitude of plastic strain in pearlite is higher than critical values and slip crosses the interface from the ferrite phase to the brittle cementite phase. Dislocation slip in cementite will destroy the interface structure, which may be the plastic mechanism of final fatigue failure. Our simulations agree with experimental observations of dislocation evolution in the ratchetting of pearlitic steels and provide further atomic-scale mechanisms to explain the fatigue failure of these materials.