The low cycle fatigue (LCF) behaviour of a dual phase (DP) steel with different martensite volume fractions has been investigated, with particular focus on fatigue life, cyclic hardening/softening behaviour and microstructural evolution. DP steels with martensite volume fractions between 13% and 88% were produced and their monotonic and cyclic deformation behaviours evaluated. The LCF life has been examined in depth and compared with published literature. It has been concluded that, once normalised for plastic strain amplitude, the fatigue life was found to be significantly reduced by an increase in the martensite volume fraction. All alloys were observed to show some initial cyclic hardening followed by cyclic softening. Clear sub-cell formation occurred in ferrite grains irrespective of the martensite volume fraction, and it is suggested that this cell formation and martensite softening are responsible for the cyclic softening behaviour.