In order to study the stress waveform effect on low cycle fatigue life, low cycle fatigue tests were carried out using circumferential notched specimens of SUS316FR stainless steel under fast-fast, slow-fast and hold-time stress waveforms at 923K. Elastic-plastic-creep finite element analyses were also carried out to evaluate the local stress and strain at notch root. Fatigue failure lives were underestimated by the prediction based on the local strain calculated in ASME Code Case NH and finite element methods. Crack initiation lives under fast-fast stress waveform were estimated properly by the local strains but those of the other waveforms were overestimated.