The influence of tensile hold time on the low cycle fatigue life far AISI 316 stainless steel is investigated at 873K. Using the test results, the characteristics of the life prediction model which is based on the cavitation damage under creep-fatigue condition is discussed. From this study, it can be found that the introduction of tensile hold time reduces fatigue life and the major cause of the reduction in fatigue life is the cavities which are formed continuously with cycles on grain boundaries. The predicted fatigue life is in good agreement with the experimentally observed one for AISI 316 stainless steel. Investigating the relationship between the new cavity nucleation factor, P´, and the distribution of grain boundary carbides, it is found that the value of P´ is strongly related to the characterstics of the grain boundary carbides and is increased as the number of grain boundary carbides is increased.