The purpose of this paper is to present a unified analysis to both high and low cycle fatigue based on shakedown theories and dissipated energy. The discussion starts with a presentation of the fatigue phenomena at different scales (microscopic, mesoscopic and macroscopic) and of the main shakedown theorems. A review of the Dang Van high cycle fatigue criterion shows that this criterion is essentially based on the hypothesis of elastic shakedown and can therefore be expressed as a bounded cumulated dissipated energy. In the low cycle fatigue regime, recent results by Skelton and Charkaluk et al. show that we can speak of a plastic shakedown at both mesoscopic and macroscopic scale and of a cumulated energy bounded by the failure energy. The ideas are also justified by infrared thermography tests permitting a direct determination of the fatigue limit.