In order to investigate cyclic deformation and fatigue of a TiNi shape-memory alloy wire, rotating-bending fatigue tests were carried out at various strain amplitudes, temperatures and rotational speeds in air and in water. The results were summarized as follows. (1) If strain amplitude was found in the rhombohedral-phase transformation region, the fatigue life was longer than 107 cycles. The deformation properties did not change under cyclic deformation. (2) If strain amplitude was found in the martensitic transformation region, the fatigue life was shorter than 105 cycles. The higher the temperature, the shorter the fatigue life. (3) The rotational speed did not affect the fatigue life in water. The higher the rotational speed, the shorter the fatigue life in air.