Probabilistic evaluation of the resistance to low-cycle deformation and failure of the critical components in the equipment used in the energy, engineering, metallurgy, chemical, shipbuilding, and other industries is of primary importance with the view towards their secure operation, in particular, given the high level of cyclic loading acting on the equipment during its operation. Until recently, systematic probabilistic evaluation has been generally applied to the results of statistical and fatigue investigations. Very few investigations applying this approach to the low-cycle domain. The present study aims to substantiate the use of probabilistic calculation in the low-cycle domain by systematic probabilistic evaluation of the diagrams of cyclic elastoplastic deformation and durability of the materials representing the major types of cyclic properties (hardening, softening, stabilization) and investigation of the correlation relationships between mechanical properties and cyclic deformation and failure parameters. The experimental methodology that includes the calculated design of the probabilistic fatigue curves is also developed and the curves are compared to the results of the experiment. Probabilistic values of mechanical characteristics were determined and calculated low-cycle fatigue curves corresponding to different failure probabilities, to assess them from the probabilistic perspective. A comparison of low-cycle fatigue curves has shown that the durability curves generated for some materials using analytical expressions are not accurate. According to the analysis of the relative values of experimental probabilities of low-cycle fatigue curves, the use of analytical expressions to build the curves can lead to a significant error. The results obtained allow for the revision of the load bearing capacity and life of the structural elements subjected to cyclic elastoplastic loading in view of the potential scattering of mechanical properties and resistance parameters to low-cycle deformation and failure. In addition, the results enable determination of the scatter tolerances, depending on the criticality of the part or structure.