Low cycle fatigue (LCF) and ratcheting experiments were carried out on annealed low-carbon steel at room temperature within a laboratory environment, utilising stress and strain control modes. The annealed low-carbon steel consistently demonstrates a cyclic softening response over its LCF lifespan, across all tested strain amplitudes. Notably, it was observed that ratcheting strain rises while ratcheting life declines with both rising mean stress and stress amplitude. Annealed low-carbon steel, being entirely ferritic and lacking precipitation or substitutional solid solution strengthening or hard phase strengthening, exhibits a restricted ability to withstand or alleviate the accumulation of ratcheting strain, particularly under very low mean stress conditions. In both LCF and ratcheting, significant substructure formation was detected. Nevertheless, there was no discernible difference in substructure formation between LCF and ratcheting when employing electron channelling contrast imaging techniques. The existing mean stress-based fatigue life prediction model has successfully forecasted ratcheting and LCF life within the 102–105 cycles range. A novel approach utilising modulus is introduced to characterise the cyclic hardening/softening behaviour of alloys in stress and strain-controlled experiments. The cyclic hardening model based on modulus effectively captures the responses observed in cyclic hardening/softening during LCF and ratcheting experiments.