Buckling Restrained Braces (BRBs) are effective energy dissipation devices. The key advantages of BRB are its comparable tensile and compressive behavior and stable energy dissipation capacity. In this paper, low-cycle fatigue performance of domestic BRBs is obtained based on collected experimental data under constant and variable amplitude loadings. The results show that the relationship between fatigue life and strain amplitude satisfies the Mason-Coffin equation. By adopting theory of structural reliability, this paper presents several allowable fatigue life curves with different confidential levels. Besides, Palmgren-Miner method was used for calculating BRB cumulative damages. An allowable damage factor with 95% confidential level is put forward for assessing damage under variable amplitude fatigue. In addition, this paper presents an empirical criterion with rain flow algorithm, which may be used to predict the fracture of BRBs under severe earthquakes and provide theory and method for their engineering application. Finally, the conclusions of the paper were vilified through precise yet conservative prediction of the fatigue failure of BRB.