► The cyclic softening is intrinsic to tempered martensitic lath/subgrain structure. ► It is due to the decrease of dislocation density and to the subgrain coarsening. ► Optimizing the creep resistance do not limit the cyclic softening effect. ► Better initial creep properties lead to correct remaining creep strength after cycling. The present article compares the cyclic behaviour of various 9–12%Cr steels, both commercial grades and optimized materials (in terms of creep strength). These materials were subjected to high temperature fatigue and creep-fatigue loadings. TEM examinations of the microstructure after cyclic loadings were also carried out. It appears that all the tempered ferritic–martensitic steels suffer from a cyclic softening effect linked to the coarsening of the subgrains and laths and to the decrease of the dislocation density. These changes of the microstructure lead to a drastic loss in creep strength for all the materials under study. However, due to a better precipitation state, several materials optimized for their creep strength still present a good creep resistance after cyclic softening. These results are discussed and compared to the literature in terms of the physical mechanisms responsible for cyclic and creep deformation at the microstructural scale.