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The mean stress effect in fatigue life varies by material and loading conditions. Therefore, a classical low cycle fatigue (LCF) model based on mean stress correction shows limits in asymmetric loading cases in both accuracy and applicability. In this paper, the effect of strain ratio (R) on LCF life is analyzed and a strain ratio-based model is presented for asymmetric loading cases. Two correction factors are introduced to express correlations between strain ratio and fatigue strength coefficient and between strain ratio and fatigue ductility coefficient. Verifications are conducted through four materials under different strain ratios: high-pressure tubing steel (HPTS), 2124-T851 aluminum alloy, epoxy resin and AZ61A magnesium alloy. Compared with current widely used LCF models, the proposed model shows a better life prediction accuracy and higher potential in implementation in symmetric and asymmetric loading cases for different materials. It is also found that the strain ratio-based correction is able to consider the damage of ratcheting strain that the mean stress-based models cannot.