This paper presents the results of investigation of a nuclear reactor pressure vessel steel 15Kh2MFA of two strength levels under cyclic loading. The mechanism of microcrack formation on the surface and in the bulk of 15Kh2MFA steel under cyclic deformation was investigated. Analysis of the specimen surfaces has shown that microcracks are caused by cyclic sliding in grains most favourably oriented with respect to the direction of the maximum shear stresses. Transmission electron microscope investigations show that microcracks in the material inside the grains are formed mainly along the band‐type dislocation structure parallel to the dislocation subboundary. During cyclic deformation, the dislocation density on the subboundaries increases, in the local areas the dislocation density becomes limiting and it reaches the plasticity limit and causes microcrack formation. The interrelation of the average length of microcracks and their surface density with the energy density of inelastic deformation has been found.