The low-cycle fatigue (LCF) properties of a nickel-base precipitation-strengthened superalloy (GH4145/SQ), obtained at a temperature of 538 o C, were reported and discussed in this paper. The properties investigated include cyclic stress response, fatigue life, deformation microstructure and final fracture features as a function of applied strain amplitude. It was shown that the alloy exhibited a pronounced initial hardening followed by continuous softening to failure at high plastic strain amplitudes ( > 0.2% ap ε ), while at low plastic strain amplitudes ( < 0.2% ap ε ) the initial hardening was followed by a well-defined saturation stage. Bilinear behavior with a change of slope at a plastic strain amplitude of about 0.2% was observed in the cyclic stress-strain (CSS) and Coffin-Manson (C-M) plots. TEM observations revealed that slip band density increased with increasing total strain amplitude and precipitate degradation resulting from dislocation-precipitate interactions took place with continuous cyclic straining. The change in the microstructure during cycling is thus responsible for the fatigue hardening / softening behavior of the alloy. SEM examinations indicated that at low plastic strain amplitudes ( < 0.2% ap ε ) crack propagation was basically transgranular, while at high plastic strain amplitudes ( > 0.2% ap ε ) crack propagation exhibited intergranular features, as a whole. The variation in both the number of operating slip systems and the fracture modes with the strain amplitude employed was used to explain the observed two-stage LCF behavior of the present investigated superalloy.