Effects of strain amplitude ranging from 0.2 % to 1.0 % on the low-cycle fatigue properties of Inconel 617 alloy at 700 °C were studied. Much attention was paid to reveal the physical mechanisms of the cyclic deformation, γ′ phase precipitate and cracking behaviors based on the methods of flow stress partitioning and microstructure evolution characterization. Results showed that the material demonstrated a two-slope cyclic hardening behavior with different hardening rates. The strain amplitude of 0.4 % was found to be the threshold value in terms of both the precipitation behavior and dynamic strain aging (DSA). The diameter of γ′ phase precipitate was decreased from 28 nm to 12 nm when the strain amplitude increased from 0.2 % to 0.4 % and became disappeared at the larger strain amplitudes. The DSA activity characterized by the DSA strain range and maximum stress drop got significantly intensified with the increasing strain amplitude, about five times larger at 1.0 % than that at 0.4 %. Further, the mutual interaction between precipitation behavior and DSA was thoroughly analyzed. The number of crack initiation sites was increased with the increasing strain amplitude, and the dominant damage mechanism responsible for the crack propagation behavior was elucidated.