A microstructural model of shape memory alloys (SMA) describing their deformation and fatigue fracture is presented. A new criterion of fracture has been developed which takes into account the effect of hydrostatic pressure, deformation defects and material damage. It is shown that the model can describe the fatigue fracture of SMA under various thermomechanical cycling regimes. Results of calculating the number of cycles to failure at thermocycling under a constant stress, at symmetric two-sided cyclic deformation, at straining-unloading cycles, at cycling in the regime of the thermodynamic cycles of a SMA working body in the hard (strain controlled) and soft (stress controlled) working cycles, is studied. Results of calculating the number of cycles to failure are presented for different parameters of these cycles.