This study deals with simulation of low-cycle fatigue (LCF), followed by evaluation of fatigue parameters, which would be suitable for estimating fatigue lives under uniaxial loading. The cyclic elastic-plastic stress-strain responses were analyzed using the incremental plasticity procedures. Finite-element (FE) simulation in elastic-plastic regime was carried out in FE package ABAQUS. Emphasis has been laid on calibration of SS 316 stainless steel for LCF behavior. For experimental verifications, a series of low-cycle fatigue tests were conducted using smooth, cylindrical specimens under strain-controlled, fully reversed condition in INSTRON UTM (Universal Testing Machine) with 8,800 controller at room temperature. The comparisons between numerical simulations and experimental observations reveal the matching to be satisfactory in engineering sense. Based on the cyclic elastic-plastic stress-strain response, both from experiments and simulation, loop areas, computed for various strain amplitude, have been identified as fatigue damage parameter. Fatigue strain life curves are generated for fatigue life prediction using Coffin-Manson relation, Smith-Watson-Topper model, and plastic energy dissipated per cycle (loop area). Life prediction for LCF has been found out to be almost identical for all these three criteria and correlations between predicted and experimental results are shown. It is concluded that the improvement of fatigue life prediction depends not only on the fatigue damage models, but also on the accurate evaluations of the cyclic elastic-plastic stress/strain responses.